OpenAI Nears $500bn Valuation; UK Market Sees Record Highs

The FTSE 100, London’s leading share index, edged closer to its recent record high this morning, trading at 9184 points, just six points shy of the intraday peak of 9190 reached on July 31.

Among the index’s constituents, insurance group Hiscox emerged as the top performer, with shares climbing 8.6%. The surge followed the company’s announcement of better-than-expected profit figures and an increased dividend, achievements made despite navigating what it described as “the largest wildfire insurance event in history.”

However, broader gains for the index were tempered by mixed corporate earnings reports. Mining giant Glencore saw its shares fall by approximately 3.5% after reporting a decline in its first-half profits. Similarly, financial services firm Legal & General experienced a comparable percentage drop, disappointing investors despite a reported earnings beat. According to Victoria Scholar, Head of Investment at interactive investor, these earnings reports are “stemming an even greater gain for the index.”