FTSE 100 Reaches New All-Time High As Records Keep Falling – The Major Movers

The FTSE 100 index hit a new milestone today, hitting an intraday peak of 9,163.24 before closing out the day at 9,136.32, for a 0.6% gain. The index has been building up a head of steam in recent weeks, adding 4.28% over the past month of trading, to stand 10.6% up since the turn of the year.

AstraZeneca was one of the leaders on the day, surging 3.41% following a strong earnings report. The drug major reported a 30% increase in second-quarter profit, climbing to $3.13 billion from last year's $2.40 billion. Earnings per share also saw a significant boost, rising to $1.57 from $1.24 a year ago.

Barclays were another notable gainer, adding 2.77% on news of a £1 billion share buyback, seeing shares hit a new 52 week high.

Other banks, including Lloyds Banking Group (+1.25%), Natwest (+2.02%), and HSBC (+1.06%), also experienced strong gains, with HSBC hitting a new 52 week high on the day. 

Games Workshop also posted impressive results, gaining 5.77% following a record profit.

At the other end of the spectrum, Croda International experienced a significant downturn, with shares falling 9% on the H1 trading update. Operating cash flow for the first half dropped sharply to £96.5 million, down from £194.5 million a year earlier, with revenue declining Q/Q.

Looking at the data, and UK mortgage approvals rose to a three-month high in June, outpacing forecasts. Approvals for house purchases increased to 64,167 from 63,288 in May, according to the Bank of England.

Net borrowing of mortgage debt by individuals increased by £3.1 billion to £5.3 billion in June, compared to a £2.8 billion increase to £2.2 billion in May. This indicates a resilient housing market and increased consumer confidence.

In closing above 9,100 for only the third time, and reaching up to hit new highs, the FTSE 100 is in a bullish phase, with price discovery for the index likely to continue in the near term. Psychologically important levels at round numbers would be worth paying attention to, yet if fundamentals and earnings continue to print strong, the Footsie could be set for a strong second half.

Plenty of economic data to watch across the pond this week, with events likely to hold some weight on UK bluechips.