FTSE 100 hits 3‑month high on defensives

The FTSE 100 ended trading on 13 November 2026 at a three-month high, rising 0.36% to close at 10,902.56. The blue-chip benchmark also registered a 2.14% gain over the week, underscoring a period of sustained strength for large UK stocks. The advance contrasted with a 0.4% decline in the FTSE 250, highlighting a divergence between large-cap and mid-cap UK equities.

Energy and defensive sectors were the primary drivers of the FTSE 100’s rise. Investor demand focused on companies seen as more resilient in uncertain conditions, contributing to the index’s three-month high.

Energy and consumer-related shares provided key support to the FTSE 100. BP and Shell each gained about 1.5% as crude prices edged higher, lifting the broader energy segment. Utilities also advanced, with the group up 1.1% and Centrica rising 3.8%.

Healthcare names added to the defensive tone. AstraZeneca and GSK posted modest gains, edging higher on the day. Insurer Aviva climbed 3.4% after reporting a 19% increase in general insurance premiums for the first nine months of 2026, reinforcing interest in financials tied to underwriting growth.

These performances together underscored a broader, though uneven, advance across UK equity segments.

The rotation into energy and defensive stocks occurred against a backdrop of pressure on technology shares linked to artificial intelligence. Major US stock indexes fell as concerns about Nvidia’s market position and AI financing renewed selling in technology stocks. This weakness in global tech themes encouraged investors to seek out more defensive exposures in the UK market.

Interest rate expectations also shaped trading. Market participants continued to price in a 25-basis-point Federal Reserve rate increase in December, while UK traders saw more than an 84% probability of another 25-basis-point Bank of England rate hike next month. Softer-than-expected US producer price data for October and upcoming UK inflation and employment releases added to the focus on monetary policy.

The FTSE 100’s performance formed part of a broader European pattern. The pan-European STOXX 600 edged up 0.02% to close at 664.14, setting a record high and surpassing its prior close of 664.01. Insurers, utilities and oil producers across the region helped offset fresh declines in chipmakers tied to concerns around Nvidia.

Other major European indices were mixed but generally firm on the week. The CAC 40 added 0.09% to 8,368.91 for a fifth consecutive daily gain, while the DAX slipped 0.08% to 26,749.95. The FTSE 100’s three-month high and the STOXX 600’s record close highlighted ongoing investor preference for sectors perceived as more defensive within Europe’s equity markets.