London Stocks Surge as FTSE 100 Hits Record High Amidst Strong Forecasts

On Wednesday, London stocks climbed further, marking a record high in the blue-chip FTSE 100 for the second straight session, propelled by robust forecasts from drugmaker GSK and retailer Next.

The FTSE 100 increased by 0.8% to 9,779.32 points by 1205 GMT, buoyed additionally by a weaker pound that benefits internationally-focused companies. The FTSE 250 index, centered on domestic companies, rose by 0.2%. Healthcare stocks led the charge, surging by 2%, while GSK's shares rose 3.3% after it lifted its 2025 sales and earnings forecasts, driven by its specialty HIV and cancer treatments. Meanwhile, Next's shares skyrocketed 7.5% upon raising its full-year profit guidance for the fourth time this year.

In the mining sector, Glencore's shares climbed 6.2% as its quarterly report revealed a 36% increase in copper production. The sector benefited from higher gold prices, with Fresnillo's shares appreciating by 6.5% backed by a target price hike from brokerage Peel Hunt. Bank of England data showed a surge in mortgage approvals in September, offering potential stability to the housing market ahead of the national budget announcement.