The stock market began the year with confidence. The FTSE 100 broke through the 10,000-point barrier, signalling that investor optimism remains very much alive. Interestingly, this strength did not come from the usual growth stories, but rather from the more “boring” corners of the market. Energy and defence stocks were in the spotlight, driven by geopolitical tensions and a growing focus on security and strategic independence. Investors were seeking stability, visible cash flows and companies positioned to benefit from an increasingly turbulent world. At the same time, the macroeconomic backdrop remained surprisingly constructive. Inflation figures failed to trigger fresh market jitters, and investors continued to believe that central banks may have room to cut interest rates later this year. This created an uneasy but powerful combination: on the one hand, caution around valuations; on the other, enough confidence to continue taking risk. The result was a market that did not surge, but continued to edge higher, step by step.