12.02.202608:42:48UTC+00FTSE 100 Trades at Record High

The FTSE 100 notched a fresh record high on Thursday, as strength in banks and other financial stocks outweighed soft economic data and weakness in property shares. UK GDP expanded by just 0.1% in the fourth quarter, undershooting forecasts, but investors largely looked past the disappointment, focusing instead on robust corporate updates and renewed takeover activity.

Schroders jumped as much as 31% after agreeing to a £9.9 billion takeover by Nuveen, underscoring persistent overseas appetite for undervalued London-listed companies and lifting the wider financials sector. St James’s Place also rebounded, adding to the sector’s gains. RELX provided further support following its earnings release, helping drive the index higher.

Even so, the FTSE 100 lagged several European benchmarks as property names such as British Land, Land Securities, Segro and LondonMetric fell, tracking weakness in US real estate stocks. Unilever also acted as a drag, slipping as much as 3% after issuing cautious sales growth guidance at the lower end of its long-term target range, which capped broader market advances.