The FTSE 100 was set to end the week on a high after trading above 9,000 in very early trade on Friday, following another strong session for US equities overnight.

London’s leading index faded the early rally to trade at 8,982 at the time of writing. The current all-time closing high stands at 9,000.

The FTSE 100 jumped on the coat tails of another record high for US stocks, which was driven by strong economic data and a continued rally in leading tech stocks.

“Across the pond, we had the latest US retail sales figures yesterday, which once again makes me recall the old adage ‘never bet against the US consumer’,” explained Michael Brown Senior Research Strategist at Pepperstone.

“Headline sales rose by a healthy 0.6% MoM in June, while the all-important control group metric, which feeds into the GDP figures, rose by a better than expected 0.5% MoM. Clearly, very solid figures, that again point to the underlying resilience of the US economy, despite ongoing trade uncertainty.”

In addition to the strong US economic data, the FTSE 100 was boosted by several company-specific developments.

“Streamlining has been the order of the day with oil giant BP continuing its strategic refocus with an agreement to dispose of its US onshore wind business, BP Wind in which the group has claims to 1.3GW of generating capacity,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.

“Health and hygiene company Reckitt, the company behind the likes of Dettol, Durex and Nurofen is to dispose of its Essential Home division in a deal worth up to $4.8bn which will leave it with a non-controlling stake of 30% in brands such as Cillit Bang, Calgon and Airwick.”

BP shares rose 1.5% as Reckitts gained 1.8%.

Mining shares were also among the risers, underscoring the risk-on tone to trade. Rio Tinto rose 1.4% and Glencore ticked 1.2% higher.

GSK was the FTSE 100’s top faller after the US FDA voted against the overall benefit/risk profile of its Blenrep blood cancer drug. GSK shares fell 5%.

Burberry shares were higher on Friday morning after the luxury brand demonstrated signs of a turnaround in its first quarter.

Burberry’s first-quarter trading update revealed retail sales declining 2% at constant exchange rates to £433m. The luxury fashion house saw comparable store sales fall 1%, whilst currency headwinds added further pressure, resulting in a 6% drop in reported revenue.

All in all, the headline figures represent a significant improvement over the recent decline in sales.

Burberry shares had nearly doubled since their April lows, going into today’s announcement and investors were happy to take the shares 1% higher in early trade on Friday.

The company showed signs of regional recovery, with the Americas posting 4% growth driven by new customer acquisition, and Europe, Middle East, India and Africa managing 1% growth as local spending offset weaker tourist activity.

However, Greater China remained a concern with sales down 5%, including a 4% decline in Mainland China. Asia Pacific struggled with a 4% fall, largely due to difficulties in Japan, though South Korea provided some relief with positive growth.

In terms of the outlook, Burberry said, ‘We are still in the early stages of our turnaround, and the macroeconomic environment remains uncertain’. Investors are choosing to look at the glass half full for now and will hope the turnover gathers pace.

“Over the past year, we have moved from stabilising the business to driving Burberry Forward with confidence,” said Joshua Schulman, Burbery Chief Executive Officer.

“The improvement in our first quarter comparable sales, strength in our core categories, and uptick in brand desirability gives us conviction in the path ahead. Our Autumn 2025 collection is being well received by a broad range of luxury customers as it arrives in stores. Although the external environment remains challenging and we are still in the early stages of our transformation, we are encouraged by the initial progress we are starting to see.”

Reckitt Benckiser Group has agreed to sell its Essential Home business to private equity firm Advent International for an enterprise value of up to $4.8 billion whilst retaining a 30% equity stake in the divested unit.

Reckitt has struggled with direction in recent years, and the sale is part of its strategy to become a more efficient, world-class consumer health and hygiene business.

The British multinational has been reshaping its portfolio around 11 high-growth, high-margin “Powerbrands” and today’s sale underscores their commitment to developing this core portfolio.

The deal values Essential Home at 7.7 times its unaudited adjusted operating profit for the 12 months ending 31 March 2025. Up to $1.3 billion of the enterprise value comprises contingent and deferred consideration, with Reckitt maintaining its minority stake through Advent’s acquisition vehicle.

The company plans to return excess capital to shareholders through a special dividend of roughly $2.2 billion, accompanied by share consolidation following completion.

The special dividend will complement Reckitt’s ongoing share buyback programme, with the next tranche announcement scheduled alongside H1 2025 results on 24 July 2025.

“We are executing our strategic plan at pace. The divestment of Essential Home represents a significant step forward in unlocking the substantial value in our business,” said Kris Licht, Reckitt Chief Executive Officer.

“This moves Reckitt towards becoming a simpler, more effective world-class consumer health and hygiene company and it will enable us to focus on a core portfolio of high-growth, high-margin Powerbrands. Essential Home will benefit from Advent’s new majority ownership with our retained minority stake in Essential Home providing a potential long-term value enhancement opportunity for Reckitt.”

Reckitt Benckiser shares have gained over the past year, but shares are still substantially below their all-time highs and have been locked in a downtrend since 2017.