LONDON — 12 November 2025. London’s blue‑chip FTSE 100 came within a whisker of the 10,000 mark on Wednesday, touching an intraday record around 9,928 before easing into the close at 9,887.40, a day after notching its highest ever finish. Tuesday’s record close at 9,899.60 followed weaker UK labour data that reinforced expectations the Bank of England could trim rates in December. reuters.com+2investing.com+2
What moved the market
The index’s latest push higher was powered by utilities and energy, led by SSE, whose shares jumped more than 10% after the company unveiled a £33 billion five‑year investment plan to accelerate upgrades to Britain’s electricity networks. Around 80% of the programme is earmarked for grid infrastructure, and SSE also outlined a new dividend policy targeting 5%–10% annual growth to 2029/30. sse.com+1
Investors’ appetite for UK stocks has also been stoked by a softer pound and building confidence that borrowing costs are on the cusp of falling. The Bank of England kept Bank Rate at 4% in a knife‑edge 5–4 vote on 6 November but signalled a potential move next month; the next decision is due 18 December 2025. bankofengland.co.uk+1
Tuesday’s record close set the tone
On Tuesday, the FTSE 100 closed at a record 9,899.6, buoyed by UK unemployment rising to 5% and wage growth continuing to cool — a mix that strengthened the case for a near‑term rate cut and helped heavyweight defensives and exporters. Healthcare bellwether AstraZeneca hit an all‑time high, while Vodafone rallied after lifting its annual profit outlook and announcing its first dividend increase in eight years. reuters.com
By the numbers (Wednesday)
- Intraday high: ~9,928
- Close:9,887.40 (‑0.12% day‑on‑day)
- 52‑week range: roughly 7,545 to 9,928
Figures reflect exchange data and Investing.com’s end‑of‑day print. reuters.com+1
Why 10,000 is in sight
Momentum this week has been underpinned by the FTSE 100’s sector mix — banks with fatter net‑interest margins, cash‑generative commodity groups and global healthcare names — as well as company‑specific catalysts such as SSE’s plan. European peers also traded firmly, with regional benchmarks setting records mid‑week, adding to the positive backdrop for London. reuters.com
The policy backdrop
Cooling labour‑market indicators have stiffened rate‑cut bets. Markets and several major brokerages now see a meaningful chance of a December move, following the BoE’s narrow hold and the latest ONS jobs figures. A dovish shift would ease pressure on sterling and domestic borrowing costs, typically supportive for the FTSE’s internationally exposed constituents. reuters.com+1
The standouts and stragglers
- SSE (SSE.L): surged to record territory on its grid‑heavy strategy and funding plan, including a £2 billion equity raise. standard.co.uk+1
- AstraZeneca (AZN.L): extended gains after last week’s results, reinforcing its status as the UK’s largest listed company. reuters.com
- Vodafone (VOD.L): remained buoyant after upgrading guidance and announcing a dividend increase for the first time since 2017–18. reuters.com
What’s next
Attention now turns to the Autumn Budget later in November and the BoE’s 18 December meeting, both potential catalysts for gilt yields, sterling and UK equity flows. With the FTSE 100 within striking distance of 10,000, traders will watch whether supportive policy signals and corporate updates — especially from rate‑sensitive housebuilders and utilities — can sustain momentum into year‑end. bankofengland.co.uk
Notes: Market levels and company moves are current as of 12 November 2025 close, unless otherwise stated.
