FTSE 100 hits record high in early trade

Other retailers such as J Sainsbury and Tesco rose more than 1% each, while Ocado added 4.0% after data showed UK grocery price inflation fell for the 14th month in a row in April, partly driven by an increase in supermarkets' promotional activity. JD Sports Fashion gained 2.0% after the sportswear retailer proposed to buy U.S. athletic-fashion retailer Hibbett Inc for about $1.08 billion.

UK's blue-chip share index climbed to a record high on Tuesday, helped by a weaker pound and positive corporate updates, while investors focussed on earnings from U.S. tech giants this week.

The blue-chip FTSE 100 gained 0.6% to 8,070.55 points, surpassing its previous peak of 8,047.06 points hit in February 2023. Surging commodity prices, a falling pound as well as gains in defence stocks have powered the FTSE 100 higher this year as investors took advantage of cheaper valuations in British equities.

Associated British Foods jumped 7.7% to the top of the FTSE 100 on Tuesday after the Primark owner forecast "significant growth" in full-year profit as it reported a 39% jump in the first half. Other retailers such as J Sainsbury and Tesco rose more than 1% each, while Ocado added 4.0% after data showed UK grocery price inflation fell for the 14th month in a row in April, partly driven by an increase in supermarkets' promotional activity.

JD Sports Fashion gained 2.0% after the sportswear retailer proposed to buy U.S. athletic-fashion retailer Hibbett Inc for about $1.08 billion. The mid-cap FTSE 250 was up 0.3%, hovering near the 20,000 mark.

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