London’s FTSE 100 enjoys rally to end 2024 on a ‘high note’
The positive sentiment was felt among other UK indices with the FTSE 250 jumping more than 1%, while France’s Cac 40 also moved higher.
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Your support makes all the difference.The London Stock Exchange has enjoyed a rally on the last trading day of the year, with the FTSE 100 gaining more than 50 points to end 2024 in the green.
The positive market sentiment was felt among other UK indices, with the FTSE 250 jumping more than 1% – while France’s Cac 40 also moved higher.
The FTSE 100 gained 52.01 points, or 0.64%, to close at 8,173.02 just after midday on New Year’s Eve, when European markets closed prior to the bank holiday.
The last-minute gains, supported by mining and oil stocks, meant the index ended the year nearly 6% higher than at the end of 2023.
A stronger start to 2024 saw the index hit an all-time high in May, surpassing the 8,400 mark, before trading settled over the rest of the year.
The FTSE 100 wrapped up 2024 on a high note, shaking off a slow start to the session to finish the year in positive territory
Matt Britzman, senior equity analyst for Hargreaves Lansdown, said: “The FTSE 100 wrapped up 2024 on a high note, shaking off a slow start to the session to finish the year in positive territory.
“After an impressive climb early on, the index hit an all-time high in May but couldn’t quite muster the momentum to break out of a range-bound pattern in the months that followed – ending the year up 5.8%.
“Meanwhile, it played second fiddle to the tech-fuelled US markets, where AI (artificial intelligence) excitement sent the S&P 500 soaring.
“Back home, UK investors navigated a year of twists and turns, with two interest rate cuts offering relief while a tax-hiking budget put pressure on some domestic companies.
“It was a year of resilience rather than runaway success for the UK’s blue-chip benchmark.”
Markets had not opened over on Wall Street at the time of the early close in Europe. In Paris, the Cac 40 was up about 0.8%.
The price of Brent crude oil was 0.85% higher, at about 74.60 US dollars per barrel.
Mr Britzman said it had been a “year of range-bound trading” – meaning the price fluctuated between a specific high and low price – while oil could see a “potentially volatile 2025, with supply concerns, geopolitical tensions, and shifting US policy looming large”.
The pound weakened against the US dollar on the last day of the year, losing about 0.15% of its value, at 1.253. Sterling edged about 0.1% lower against the euro, at 1.205.
It was a quiet day for company news on London’s equity markets amid the post-Christmas lull.
Shares in DGI Innovate tanked by 70% after the energy technology company announced its intention to delist its shares from the London Stock Exchange.
The research and development firm said it had found it “difficult to raise sufficient funds” to invest in its commercialisation strategy this year, partly due to the rules of being listed in the UK, but also because of a lack of demand among investors for growing companies.
It said it was necessary to cancel its shares from trading in London to reduce its cost base and help it grow.
Elsewhere, shares in Wizz Air moved higher after the low-cost airline said it is set to return to growth in 2026.
The London-listed Hungarian company said it had secured a commercial support agreement with engine maker Pratt & Whitney to the end of 2026, and was taking action to offset aircraft grounding measures. Its share price closed 1.2% higher.
The biggest risers on the FTSE 100 were JD Sports, up 2.48p to 93.58p, Pershing Square, up 100p to 3,905p, Segro, up 13.4p to 685.8p, Endeavour Mining, up 27p to 1,419.5p, and St James’s Place, up 15.5p to 851.25p.
The biggest fallers on the FTSE 100 were Sage Group, down 8.5p to 1,328p, Rightmove, down 3.8p to 631.5p, IAG, down 1.6p to 299.65p, CocaCola HBC, down 10p to 2,728p, and 3i Group, down 11p to 3,542.5p.