Feb 27 (Reuters) - London's FTSE 100 climbed to a fresh record high on Friday and was set for its eighth straight monthly rise, boosted by heavyweight miners as lingering tariff concerns fuelled safe-
FTSE 100 Reaches New Heights on Mining Sector Gains
Feb 27 (Reuters) - London's FTSE 100 climbed to a record high on Friday, boosted by heavyweight miners and defensive stocks while Barclays slumped on concerns over its exposure to collapsed UK lender Market Financial Solutions.
Shares of Barclays fell 4.2% and Jefferies dropped 10% after reports that they and other lenders face potential losses tied to the collapse of mortgage lender MFS, which has been placed into administration following allegations of financial irregularities.
FTSE 100 Achieves Record High
The blue‑chip FTSE 100 rose 0.6% to 10,910.55 points, notching a record close for the third straight day, while the mid‑cap FTSE 250 closed up 0.2%.
The FTSE 100 index advanced 6.7% in February, its eighth monthly climb in a row and its longest monthly winning streak since 2012–2013. The index outperformed U.S. and European benchmarks this month as optimism around a potential Bank of England rate cut in March lifted sentiment.
At times, however, gains have been tempered by worries that emerging AI tools could disrupt established business models, as well as trade-related uncertainties from U.S. President Donald Trump's fresh tariffs earlier this month.
Mining Stocks Drive Market Growth
Precious‑metal miners and industrial‑metal miners rose as demand for gold and copper increased, with investors flocking to safe‑haven assets amid uncertainty over U.S. tariff policies and heightened tensions between the United States and Iran.
Mining stocks have been among the biggest contributors to the FTSE 100’s gains over the past year, supported by soaring metals pricing. [GOL/] [MET/L]
Shares in drugmaker AstraZeneca and food group Unilever firmed 2.9% and 2%, respectively.
Challenges in the Market
Among others, shares of IAG dropped 7.5% after the airlines owner failed to provide profit guidance for this year and expressed concerns about potentially higher fuel prices.
Hays slumped 10% to the bottom of the mid-cap index after the recruiter announced the departure of CEO Dirk Hahn and slashed its dividend by 84%.
On the political front, Prime Minister Keir Starmer’s Labour Party suffered a defeat to the Green Party in a Manchester ward it had dominated for nearly a century, underscoring the fragmentation of Britain’s traditional two‑party system.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Leroy Leo and Emelia Sithole-Matarise)
