London markets avoid tech sector turbulence to close higher
London markets avoid tech sector turbulence to close higher
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London’s top index moved closer to another record high on Tuesday as it benefitted from defensive traders buying into consumer and property stocks. Energy firms in the UK and across Europe also benefitted from stabilising prices during the session. It came amid continued volatility for technology stocks linked to the emergence of Chinese artificial intelligence firm DeepSeek.
The FTSE 100 finished 30.16 points, or 0.35%, higher to end the day at 8,533.87. Across the Atlantic, the S&P 500 and Nasdaq both opened in the red but recovered ground as traders started a cautious rebound. Joshua Mahoney, chief market analyst at Scope Markets, said: “The FTSE 100 continues to sail through choppy water with relative ease, as European traders enjoy a brief period of outperformance built around the general lack of big tech companies this side of the Atlantic.
“Chinese stocks continue to rise as people seek the weigh up the validity of the valuation disparity compared with the US in a world where AI isn’t just a US-centric affair.”. In continental Europe, Germany’s Dax increased to a fresh record high as it benefitted from a rebound in Siemens Energy shares.
The Cac 40 ended 0.12% lower for the day and the Dax index was up 0.74%. Meanwhile, sterling slipped back against a strengthening dollar which was supported by further speculation regarding impending tariffs. The pound was down 0.52% at 1.243 US dollars and was up 0.13% at 1.192 euros when London’s markets closed.
