The FTSE 250 index reached a record high, closing above 24,600 points amid a broader rally in UK equities. The mid-cap benchmark rose 173.33 points, or 0.7 percent, to finish at 24,632.63 on Wednesday, marking an increase of more than 11 percent since the start of the year. This performance outpaces the FTSE 100, which has gained nearly 10 percent in 2026 and hit its own record high last month.

Analysts attributed the UK market’s resilience to investor concerns over the lofty valuations and heavy investment in artificial intelligence by US companies. This dynamic has prompted capital to flow toward European markets, including the UK, which are considered less exposed to the recent volatility in the tech sector. Global equities rebounded midweek, recovering losses experienced by technology firms earlier in the week.

Tony Whincup, head of investment specialists at TrinityBridge, noted that a rotation into more defensive sectors such as consumer staples and financials has helped broaden market leadership. This sector diversification played a key role in propelling the FTSE 100 to a fresh record high on the same day.

Among the FTSE 250’s standout performers this year are CMC Markets, a spread betting firm, Raspberry Pi, a Cambridge-based computer company, and Keller Group, an engineering business specializing in ground preparation for construction projects. Shares of CMC Markets and Raspberry Pi have both surged by over 120 percent, while Keller Group’s stock has climbed approximately 90 percent. The index now represents more than £313 billion in market value, accounting for roughly 17 percent of the total value of UK-listed companies.

However, the day’s gains were mixed on the FTSE 100, where several banks and financial services firms with significant exposure to China saw declines. Reports that Chinese authorities are pursuing back taxes amounting to billions of pounds weighed on investor sentiment. Prudential, with substantial Chinese market interests, dropped as much as 8 percent before settling down 6.4 percent at £10.25. HSBC, which generates a large portion of its earnings from Hong Kong, fell 4.7 percent to £15.51, while Standard Chartered closed down 1.6 percent at £22.12.

In contrast, Next ascended to the top of the FTSE 100 leaderboard after reporting strong financial results and raising its profit forecast for the year. The retailer’s shares advanced 5.7 percent, closing at £156.60.