London FTSE 100 hits record high led by mining sector

The blue-chip index in the United Kingdom reached a historic milestone on Friday, as the FTSE 100 climbed to a new record high. This performance marks the eighth consecutive monthly gain for the benchmark, driven largely by a surge in mining stocks and persistent demand for safe-haven assets. As of mid-morning, the FTSE 100 rose 0.5% to reach 10,900 points, while the mid-cap FTSE 250 edged up 0.2%, remaining less than 2% below its 2021 peak. The rally was spearheaded by precious and industrial metal miners, which benefited from rising gold and copper prices. Investors have increasingly sought refuge in commodities due to ongoing uncertainty regarding trade policies in the United States and escalating geopolitical tensions involving Iran. Mining equities have remained among the largest contributors to the index's growth over the last year, supported by tight supply in global commodity markets and robust pricing for metals. The FTSE 100 is currently on its longest monthly winning streak since the 2012–2013 period, having gained 6.6% in February alone. This performance has outpaced several major American and European benchmarks. Market sentiment has been bolstered by expectations that the Bank of England may implement a rate cut in March. However, broader market gains were occasionally checked by concerns over the disruptive potential of artificial intelligence and the impact of fresh tariffs introduced by the U.S. administration earlier this month. Individual stock movements provided significant momentum. Rightmove plc surged 4.7% to lead the benchmark index after the property portal reported annual profits that met analyst expectations and announced a 90 million pounds share buyback program. In the engineering sector, Senior plc saw its shares jump 18.2% following news that the company is evaluating two potential takeover bids after receiving multiple approaches in recent months. Conversely, Wizz Air Holdings Plc experienced a sharp decline of 10.5% after its major shareholder, Indigo Partners, sold 10 million shares in a placement valued at approximately 125 million pounds. On the political front, the domestic landscape saw a notable shift as the Labour Party lost a long-held ward in Manchester to the Green Party, highlighting a growing fragmentation within the traditional two-party political system.