Finance
London stocks inch higher on last trading day of 2024
Published by Global Banking and Finance Review
Posted on December 31, 2024
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(Reuters) - London's FTSE 100 edged higher on the last trading day of 2024, as it looked set to lock in gains for a fourth straight year and its best since 2021.
The blue-chip FTSE 100 was up 0.3%, but was set for its only negative quarter in six, and its worst month since Oct 2023. The mid-cap FTSE 250 gained 0.4%, although it was on track for its worst quarter in nine.
Trading volumes are expected to be thin on New Year's Eve as markets close early. They will be shut for the New Year holiday on Wednesday.
Most major FTSE 350 sectors traded higher, with precious metal miners bouncing back from their lowest levels in three months hit in the previous session. Energy stocks were the biggest boosts, with a 1.2% rise. [GOL/] [O/R]
Aerospace and defence stocks fell 0.3%. However, the sector is poised to outperform its peers this year, while personal goods are set to become the worst performers of 2024.
Prime Minister Keir Starmer's win in the July election and the start of the Bank of England's monetary policy easing cycle in August have put the FTSE 100 on track for its fourth straight year of gains and the FTSE 250 for its second.
Heading into the new year, investors will keep an eye on Donald Trump's returns to the White House, the impact of UK Finance Minister Rachel Reeves' October budget and the monetary policies of central banks globally.
The Bank of England's rate cut path will be closely watched, with traders pricing in more than 56 basis points in rate cuts after the central bank delivered two cuts totalling a reduction of 50 bps in 2024.
(Reporting by Purvi Agarwal in Bengaluru; Editing by Anil D'Silva)