FTSE 100-listed Smiths Group is to be broken up after the conglomerate announced plans for the separation of its Interconnect and Detection businesses. The move will allow Smiths to focus on flow and heat management through its remaining businesses of John Crane and Flex-Tek.

The good start to the year for the FTSE 100 has been shared by counterparts in Europe, with the Stoxx 600 at a record high and, like the UK benchmark, set for its best monthly gain since November 2022. Both indexes are outperforming their peers in the US, with the S&P 500 and the Nasdaq 100 having been held back by weakness in tech stocks.

The FTSE 100 pushed further into record territory as trading got underway on Friday, climbing 25 points to a new all-time high of 8,671. Smiths Group (LON: SMIN) PLC surged 14.7% to head the early risers after detailing plans for a strategic shift, which it said would unlock significant value.