The FTSE 100 soared to another intraday record high on Thursday as investors reacted to reports the US and EU were nearing a trade deal, and strong corporate results gave investors plenty of reason for cheer.
London’s leading index was 0.8% higher at 9,137 at the time of writing and was on the track for yet another all-time closing high.
Hot on the heels of a Japan-US trade deal, the EU appears to be the next in line for an agreement that would significantly alleviate investors’ concerns about 1 August tariff deadlines.
“European shares marched higher on Thursday as the positive sentiment generated by the trade deal agreed between the US and Japan continued to permeate the markets,” said AJ Bell investment director Russ Mould.
“The continued momentum came despite a mixed start to the big tech earnings season across the Atlantic as Alphabet and Tesla posted their numbers after hours, with some well-received corporate results helping support UK stocks as the FTSE 100 sailed through the 9,100 barrier.”
The corporate results mentioned by Mould were indeed very well-received.
Reckitt Benckiser soars
Reckitt Benckiser shares soared 9% on an upgrade to like for like sales growth guidance for their ‘Core Reckitt’ portfolio to ‘over 4%’ from ‘3% – 4%’. It’s the first piece of materially positive news Reckitt’s investors have had for some time.
“Kris Licht has donned his marigolds and got out the mop and bucket in an attempt to clean up the mess at consumer goods giant Reckitt. First-half results have got the market believing in his recovery plan,” Russ Mould said.
“Having recently announced the sale of its Essential Home portfolio, the company has now issued an eye-catching upgrade to revenue guidance for its core brands.
“The merits of focusing on its ‘Powerbrands’ is evident in the numbers with them delivering meaningful growth at a strong margin while the Essential Home component is finding life harder going.”
Howden Joinery
Howden Joinery was the FTSE 100’s top riser after reporting sales growth of 3.2% which represented an acceleration from the growth rate reported in the early stages of 2025.
“Howdens performed well in the first half, gaining further market share. The ongoing investment in our strategic initiatives is strengthening our competitive position, and our current trading performance gives us confidence in achieving our full year plans,” said Andrew Livingston, Howden’s CEO.
“We are well prepared for the second half, which includes our seasonally important peak trading period. This includes Howdens’ best-ever line-up for kitchens, available for 2025 in more colours, styles, and finishes to suit all budgets.”
Howdens shares were 9.8% higher at the time of writing.
BT shares rose 5% after the company reported improving Q1 results, punctuated by rising customer numbers.
Lloyds shares were little changed after reporting robust half-year results against the backdrop of a looming Supreme Court ruling on motor financing. The banking group enjoyed the impact of higher interest rates, with net interest margins increasing 10bps to 3.04%. Profit beat expectations but the nagging doubt of motor finance redress kept shares in check on Thursday.
“Lloyds’ 2Q 15% pre-tax profit beat on strong revenue momentum, deposit flow and provision reversals, could (together with reiterated guidance) drive modest consensus upgrades,” said Tomasz Noetzel, Senior Equity Analyst at Bloomberg Intelligence.
“However, narrowing the gap between consensus’ 12% ROTE in 2025 and the bank’s 13.5% view remains subject to a Supreme Court ruling on the UK motor loan probe due end-July and regulatory redress decisions. Lloyds didn’t set aside additional provisions for these loans in 1H, with consensus projecting £1 billion this year.”