
London's FTSE 100 paused its record-setting rally on Thursday, holding steady after two consecutive sessions of all-time highs. The blue-chip index edged up marginally as gains in financial stocks and Tesco offset weakness in industrial and utility sectors. The mixed performance highlighted ongoing sector rotation amid cautious investor sentiment following the recent market surge.
Tesco emerged as a standout performer, climbing 4.2% after the supermarket giant raised its full-year profit guidance. The upgrade reflected continued market share gains from competitors, with analysts noting the retailer's ability to appeal to customers across different price points. However, some market watchers suggested the positive news was already largely priced into the stock's valuation.
Financial stocks provided additional support, with Intermediate Capital Group jumping 4.5% after announcing changes to its performance fee recognition that would generate a one-off gain of £65-75 million. Private equity firm 3i Group also advanced 3.1% amid reports it was exploring potential asset divestments. These gains helped lift the investment banking index by 1.6%, though they weren't sufficient to drive the broader market significantly higher.
The session's weakness was concentrated in industrial support services, which declined 3%, led by Experian's 6.6% drop. The credit data company stumbled after FICO announced a new direct licensing model for its credit score algorithm, potentially reducing reliance on traditional credit bureaus. The flat finish for the FTSE 100 underscored investor caution amid mixed corporate updates and concerns about potential delays to key US economic data due to political negotiations.

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