The FTSE 100 rose to a record 10,951 points on Wednesday, surpassing its previous high of 10,934 set in February, as investors fled a global semiconductor sell‑off that pushed the Nasdaq 100 into correction territory.

The UK index, heavy in financials and energy and light on tech, acted as an “anti‑tech” haven. Barclays strategist Emmanuel Cau called it a good place to hide from momentum‑driven tech losses, noting the index’s 4 % gain this month versus a flat S&P 500.

Higher oil prices, now above $85 a barrel after the Iran‑US conflict, lifted Shell and BP shares 7 % and 13 % respectively, while UK banks such as HSBC, Lloyds, Standard Chartered and NatWest rallied on strong earnings and rising borrowing costs.

Analysts at Ruffer Investment Company see a gradual UK economic improvement supporting the market and are buying rate‑sensitive housebuilders as Bank of England rate‑rise expectations fade.