On Wednesday, FTSE 100 achieved a new intraday record, buoyed by substantial gains in financial stocks, while gold mining companies saw an uptick following the surge in bullion prices to unprecedented levels. The blue-chip FTSE 100 was up 0.6% at 9,536.39 as of 1042. Financials led gains, with the banks index up 1.4%. Lloyds Banking Group gained 2.6% following the proposal from London’s financial services regulator for a redress package regarding motor finance mis-selling that was less severe than initially anticipated.

The sentiment propped up other banks, with Barclays adding 1.2%. HSBC opens new tab also rose 1.1% after Morgan Stanley raised its price target on the stock. Precious metal miners outperformed peers after gold prices soared past $4,000 per ounce for the first time. Endeavour Mining rose 2.1% and Fresnillo increased by 1.5%, respectively, positioning the miners among the FTSE 100’s top performers.

In contrast, real estate stocks were the biggest drag on the mid-cap FTSE 250, which tracks more domestically focused companies, down 0.1%. Unite Group opens new tab dropped 9.8% to a more than five-year low, the biggest loser on the FTSE 250, after the student accommodation developer reported rental growth of 4% at the end of the third quarter, compared with an 8.2% growth a year ago. Investors monitored trade developments as Prime Minister Keir Starmer commenced a two-day visit to India, expressing a desire for the trade deal with India, finalized in July, to be implemented as soon as “humanly possible.”

The FTSE 100 experienced a significant rally last week, achieving record highs in four out of five trading sessions, bolstered by a resurgence in healthcare stocks that had underperformed during the first half of the year. On Wednesday, the index gained 0.9%, with AstraZeneca up 1%. Among other stocks, Vertu Motors fell 3.2% after warning of an annual profit hit from a cyberattack at Jaguar Land Rover, whose dealerships the motor retailer operates.