The FTSE 100 surged on Wednesday, scaling fresh record highs, as rising metals prices and strong corporate results propelled the index higher.
Strong results from HSBC played a leading role, pushing the index to 10,788 before fading back to 10,781 as of the time of writing.
“The FTSE 100 resumed its upward charge after well-received results from HSBC reenergised the market,” says Russ Mould, investment director at AJ Bell.
“The UK index hit a new intraday high of 10,778 in early trading as HSBC did some heavy lifting alongside Shell, and RELX extended yesterday’s recovery rally after a nasty AI-related sell-off last month.
“The strong showing from the UK stock market so far in 2026, on top of a major success in 2025, bodes well for changing its reputation from unloved to admired.”
HSBC shares shot up by 5.7% Wednesday, after the banking giant posted upbeat earnings driven by broad-based growth after the impact of restructuring costs.
“HSBC’s results this morning told a familiar, reassuring story for Asian bank investors: the engine is still humming and management confidence is quietly building,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.
“This morning’s 9% profit beat was driven by core banking momentum rather than one-offs, while guidance struck a notably more upbeat tone, pointing to stronger earnings power and returns as we move into 2026.”
However, it wasn’t all good news on the corporate update front. Diageo investors are struggling to catch a break at the moment, and the latest set of interim results has done nothing but rub salt in the wound.
The dividend was slashed in half after the firm reported another period of net sales declines caused by poor performance in the US and China.
Adam Vettese, market analyst for eToro, said: “Diageo’s interim results make for grim reading, with a halved dividend and slashed full-year guidance underscoring deep US weakness and China headwinds.”
“Organic sales forecasts now point to a 2-3% decline, while operating profit growth stalls at flat to low-single digits, hammered by softer spirits demand and tariffs.”
Haleon shares fell 3% after missing estimates. The drop was probably more to do with the strong run going into the results as opposed to any major disappointment.
Fresnillo was the top riser at the time of writing, as precious metals prices rose.