𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

The FTSE 100 has soared to new heights after surpassing a milestone level as the New Year rally gains further momentum.

The blue-chip index rose to a new record high after a strong day of trading for drugmakers and some of the UK’s biggest retailers.

By the time London markets closed, it was just shy of 120 points higher, or 1.2%, at 10,123 points.

Earlier in the afternoon it had jumped by up to 1.5%.

The FTSE 100 closed above the milestone 10,000 mark on Monday for the first time in its history.

And it pushed higher on Tuesday thanks to gains of more than 5% for AstraZeneca, taking the pharmaceutical firm’s share price close to a new record high.

Retail chain Next also jumped by about 5% after raising its full-year profit outlook for the fifth time, helping deliver a boost to other London-listed retailers including Burberry and Tesco.

The fashion and homeware retailer said its festive sales performance was better than it had previously expected.

Danni Hewson, head of financial analysis at AJ Bell, said the FTSE 100 was “surfing a wave of investor optimism” with it closing at another record high level.

“Classy and classic sectors like finance, pharma, big oil and high street retail stalwarts are back in fashion, with investors looking for consistent, income driving stocks as a companion to the ‘jam tomorrow’ tech titans which have dominated US markets over the past couple of years,” she said.

“Last year might have provided no end of worrying headlines but markets took most of those geopolitical tensions in their stride, and current questions about what the White House may or may not be considering are broadly being overlooked, for now.”

Political turbulence in Venezuela appeared not to rock sentiment among investors, instead sparking more demand for defence stocks and pushing up the price of gold.