The FTSE 100 Index extended its upward climb this week, reaching fresh multi-month highs as investors digested a wave of robust corporate earnings and looked ahead to the Bank of England’s (BoE) imminent interest rate decision. After rising to 10,782 earlier in the period – a level not seen since early March – the blue-chip index advanced further on Tuesday, settling 0.5% higher at 10,845.71 by mid-session.
Consumer-focused stocks led the charge, with Unilever surging 6.8% after raising its annual forecast and reporting its strongest quarterly volume growth in more than a decade. The Dove and Vaseline owner attributed the performance to resilient consumer spending despite lingering household budget pressures. Elsewhere, hedge fund manager Man Group saw its shares jump 4.6% to their highest since 2010, buoyed by an 11% increase in first-half assets under management that beat expectations.
However, the banking sector bucked the positive trend, declining 0.7%. Barclays shares tumbled 5.1% even as the bank posted a 17% surge in first-half profit, suggesting strong results had already been priced in. Energy stocks also fell 0.6% after oil prices dropped more than 2% amid renewed hopes for a US-Iran deal. These losses were partially offset by gains in consumer and media names, including French pay-TV group Canal+, which rose 6.2% on a modest revenue increase.
The corporate earnings deluge is set to continue, with results from Lloyds Bank, NatWest, Standard Chartered, and others pending. Investors also have their eyes fixed on Thursday’s BoE rate announcement and similar policy signals from the US Federal Reserve, which could inject further volatility into global markets.
