The FTSE 100 edged up again on Tuesday after a choppy session driven partly by concerns over Donald Trump’s tariff plans.
London’s biggest stock index gained 10 points to finish the day at 8,777, or a 0.1% rise.
It came after the US president raised import tariffs on steel and aluminium to 25% “without exceptions or exemptions”, marking a big increase from the 10% level he levied in 2018.
AJ Bell analyst Russ Mould said: “The administration is clearly prepared to implement tariffs rather than just using them as a negotiating tactic but, as the delay to tariffs on Canada and Mexico shows, negotiation is possible.”
The export-heavy FTSE has hit a succession of record highs in recent weeks, despite concerns that Mr Trump’s tariff plans could hit the UK.
Sterling was up 0.5% against the dollar at 1.2421, while it was roughly flat against the euro at 1.2002.
In Europe, France’s Cac 40 rose 0.3%, and in Frankfurt the Dax increased 0.6%.
On Wall Street, the S&P 500 was 0.1% in the red and the Dow Jones had risen 0.1%.
In company news, BP’s chief vowed to “fundamentally reset” the firm’s strategy after profits slumped by more than a third.
The figures come just days after US activist investor Elliott Investment Management was reported to have bought a stake in BP, spurring hopes of a strategy rethink and board overhaul.
The fossil fuel company is widely expected to announce a scaleback of its renewable energy targets at a strategy meeting next month.
The FTSE 100 firm reported a 36% drop in profit to 8.92 billion dollars (£7.22 billion), pushing shares down 0.7%.
Elsewhere, betting firm Entain’s shares plunged after its chief executive left after just five months in the job.
The owner of betting shops Coral and Ladbrokes said that by “mutual agreement” Gavin Isaacs was stepping down with “immediate effect”.
Shares fell 11.5% on Tuesday.
The biggest risers on the FTSE 100 were Intertek, up 160p to 5260p, Diploma, up 116p to 4612p, JD Sports, up 1.96p to 85.7p, Shell, up 60p to 2699.5p, and BAE Systems, up 24.5p to 1205p.
The biggest fallers on the FTSE 100 were Entain, down 82.2p to 660p, Legal & General, down 7.9p to 238.7p, Glencore, down 9.8p to 349.65p, easyJet, down 14p to 509.2p, and Anglo American, down 61.5p to 2441p.
