FTSE 100 Hits a Record High, Led by Defense and Banking Stocks

The Main Points

• The FTSE 100 hit a new all-time high of 10,981.83 points amid broadly positive market sentiment.
• Polar Capital Technology Trust led the gains, benefiting from strong momentum in global tech stocks.
• Defense contractor BAE Systems rose 4.4%, while NatWest climbed 3.9% on the day.
• The record comes during a stretch of largely positive earnings across UK banking and industrial names.
• Strength in UK equities has coincided with a broader rotation some investors are making away from richly valued US tech stocks.