UK’s FTSE 100 hits record highs on Anglo- American boost

Britain’s FTSE 100 hit a record high on Friday, boosted by Anglo-American after Reuters reported Glencore is exploring an approach for the miner, while Diageo advanced after naming a new chief financial officer.

The blue-chip FTSE 100 was up 0.4 per cent at 8,203.83 points, hitting its record intraday high and is set for a second straight week of gains.

Hopes of early interest rate cuts by the Bank of England and easing geopolitical tensions have led to UK equities hitting seven record highs so far this year.

Anglo American jumped 3.2 per cent to the top of the FTSE 100 after Reuters reported that Glencore was mulling to make an offer to the 107-year-old miner, a move that could spark a bidding war.

“Investors are salivating at the possibility that there will be this massive bidding war for Anglo American. All miners now are looking at copper, thinking about how much demand has surged, and they’re looking to have the lion’s share of the market,” said Danni Hewson, head of financial analysis at AJ Bell.

Glencore, on the other hand, was the top loser on the benchmark index, down 1.3 per cent.

Diageo rose 1.4 per cent and boosted the beverages sector by 1.3 per cent after the global drinks group named Nik Jhangiani as its chief financial officer.

Technology giant Apple added to the upbeat mood seen in Asian stocks after the iPhone maker announced a $110 billion share buyback programme. The stock was up nearly 6 per cent in US premarket trading.