FTSE 100 Reverses 166-Point Rally to Close Lower as Wall Street Slumps

The FTSE 100 closed down 46.55 points, or 0.4 percent, at 10,782.66 after a dramatic reversal. The index had climbed to an intraday high of 10,948.24, close to its record, before a sharp Wall Street sell-off wiped out a rally of more than 165 points during London trading on Thursday afternoon.

The FTSE 250 slipped 0.9 percent to 24,701.98 after touching a record earlier. UK technology investment trusts were hit hard, with Allianz Technology Trust down 7.1 percent, Polar Capital Technology down 6.6 percent and Scottish Mortgage down 4.8 percent. Coca-Cola HBC tumbled about 18 percent on reports about its Russian subsidiary Multon.

Endeavour Mining rose 6.2 percent, Diageo gained 3.2 percent and Next added 2.5 percent. The Bank of England had earlier lifted rates 25 basis points to 4 percent on an 8-1 vote, its first hike since August 2023. Sterling traded near 1.3473 dollars while Brent crude stood around 97 dollars a barrel.