London’s blue-chip index surpassed the 8,700 mark for the first time to chalk up a new record high on Thursday, thanks in no small part to the largest company on the index, AstraZeneca PLC (LSE:AZN).
Having repeatedly notched new highs in a stellar start to the new year, the FTSE 100 rallied to an all-time intraday peak of 8,736.
Shares in AstraZeneca, its biggest constituent and the UK’s biggest company by market capitalisation, added 4.7% to drive the benchmark's new high, fuelled by expectation-beating earnings.
The drug manufacturer's pre-tax profit jumped 38% to US$8.7 billion (£7.0 billion), it said, on revenue growth of 21% to US$54.1 billion, buoyed by cancer, respiratory and immunology drugs.
Several other important factors also aligned to aid the ascent of London’s blue-chip index, including a dip in the pound ahead of the Bank of England’s latest interest rate call at midday.
Sweeping expectations of a 0.25% interest rate cut sent sterling tumbling 0.69% against the dollar to US$1.2419.
In turn, a string of FTSE Footsie constituents with exposure to the US racked up gains, including the likes of Ashtead Group PLC and Entain PLC, with miners leading the way.
Anglo American PLC, boosted by expectation-topping production figures, jumped almost 7%, while Antofagasta PLC, Glencore PLC and Rio Tinto also headed higher.
Come late morning, the FTSE 100 sat 101 points higher at 8,724, with all but six of the 40 largest companies in the green.