The FTSE 100 experienced a pre-Christmas surge despite a challenging trading week marked by weak economic data and a slump in the UK housing sector.
The FTSE 100 saw a pre-Christmas boost during a generally quiet trading session as London markets closed early. This occurred despite a negative performance from London’s housing sector, attributed to another profit warning from housebuilding giant Vistry . Retail stocks rose, fueled by optimism for improved consumer sentiment in the coming year, despite weak sales and footfall figures recorded over the crucial weekend preceding Christmas.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, commented: “The FTSE 100 delivered positive Christmas Eve trading, despite a week overshadowed by lackluster economic data. “Monday’s session saw the index close slightly lower after opening in the negative, as final GDP figures revealed the UK economy stagnated in the third quarter, showing no growth from the previous period.” Other European markets saw more mixed trading, with German stocks declining following gains in the previous session. Meanwhile, the pound rebounded slightly after falling to its lowest level in seven months on Monday. This decline was triggered by weak UK GDP figures, suggesting the possibility of further interest rate reductions. In company-specific news, Vistry was among the largest decliners after the Kent-based housebuilder warned that delays in some home completions and deals will reduce its annual profit by approximately £50 million, marking its third profit warning in recent months. Pre-tax profit is projected to be around £250 million, down from the initial guidance of £300 million for the calendar year. The company, which constructs affordable housing and collaborates with local authorities, experienced a 16.3% share price drop to 547.5p. Conversely, maritime analytics firm Windward witnessed a surge in share prices after agreeing to be acquired by a US investment fund in a £216 million deal. The company, chaired by former BP CEO Lord John Browne, will be purchased by Octopus UK Bidco, a subsidiary of FTV Capital investment fund, for 215p per share
FTSE 100 UK Economy Housing Market Vistry Retail Sector
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