The FTSE 100 Index Closes 1.76% Higher

The FTSE 100 rose 1.7% to 10653 on Thursday, the highest since April 17, driven by a powerful rally across defensive, pharmaceutical, and aerospace sectors. Pharmaceutical giants led the upward momentum with AstraZeneca jumping over 5% and GSK adding more than 4%, while defense majors secured heavy gains as BAE Systems surged 6.1% and Babcock International advanced 5.5%. Broad-based support from market heavyweights including Rolls-Royce, British American Tobacco, oil majors BP and Shell, alongside lenders HSBC and Lloyds Banking Group, further underpinned the index's advance. Also, Capricorn Energy agreed to be taken over by Genel Energy, while CMC Markets got an upgrade from analysts at Panmure Liberum after increasing its earnings guidance. Additionally, retailer Currys posted financial year earnings matching analyst estimates and announced the launch of a £50 million share buyback program.

The FTSE 100 Index went up by 185 points or 1.76 percent on Thursday to close at 10663 points. The rise was led by BAE Systems (6.12%), Babcock International (5.54%) and AstraZeneca (4.94%).

The FTSE 100 advanced 0.5% on Thursday, insulated from a sharp global technology stock selloff due to its minimal exposure to the tech sector and strong gains in defensive, consumer, and healthcare shares. A major technology decline hit global equity markets after Meta announced plans to sell access to artificial intelligence computing. In London, AstraZeneca added over 2%, GSK 1.9%, BAE Systems nearly 1.5%, Unilever 1.5%, and British American Tobacco 1.8%, which outweighed 0.8% drops for miners Rio Tinto and Glencore alongside a 0.6% decline for HSBC. Corporate dealmaking and earnings also supported sentiment, as Capricorn Energy rallied on an agreed £271 million cash takeover by Genel Energy at 357p per share, while CMC Markets climbed following an earnings guidance increase and an analyst upgrade. Additionally, retailer Currys posted financial year earnings matching analyst estimates and announced the launch of a £50 million share buyback program.