30th Dec 2024 16:59
(Alliance News) - Stock prices in London closed lower on Monday, in a tepid final full trading day of the year, while equities in New York tumbled as a retreat from tech shares continued.
The FTSE 100 index ended down 28.77 points, 0.4%, at 8,121.01. The FTSE 250 shed 84.10 points, 0.4%, at 20,404.55, and the AIM All-Share lost 0.89 of a point, 0.1%, at 714.23.
The Cboe UK 100 ended down 0.2% at 814.55, the Cboe UK 250 fell 0.4% at 17,858.37, and the Cboe Small Companies fell 0.5% at 15,767.25.
The CAC 40 in Paris closed down 0.6%, and the DAX 40 in Frankfurt lost 0.4%. Markets in Frankfurt do not re-open until after the new year. The DAX 40 achieved a roughly 19% advance in 2024.
The pound was quoted at USD1.2517 late on Monday afternoon, down from USD1.2588 at the time of the London equities close on Friday. The euro was lower at USD1.0384 from USD1.0429. Against the yen, the dollar fell to JPY157.19 from JPY157.50.
A barrel of Brent oil rose to USD73.93 at the time of the London equities close on Monday from USD73.62 on Friday. Gold traded at USD2,597.04 an ounce, falling from USD2,619.91.
Gold miners were among those keeping a lid on the FTSE 100, tracking spot prices lower. Fresnillo lost 2.3% and Endeavour Mining declined 1.7%.
Gains for oil majors Shell and BP, rising 0.1% and 0.3% respectively, were not enough to help lift London's benchmark index from a post-Christmas slump.
Among the FTSE 250, Ferrexpo lost 9.0%, as concerns around the war in Ukraine hang over the iron ore pellets producer.
US President Joe Biden on Monday unveiled a USD2.5 billion military aid package for Ukraine, as Washington races to provide assistance before Donald Trump takes office in a matter of weeks.
Trump's November election victory – he has repeatedly criticized aid to Ukraine – cast doubt on the future of American support, creating a limited window for billions of dollars in already authorized assistance to be disbursed before his swearing in next month.
Monday's aid includes a USD1.25 billion military "drawdown package," which allows the Pentagon to take weapons from US stocks and send them quickly to the battlefield.
An additional USD1.22 billion will be funded via the Ukraine Security Assistance Initiative, under which military equipment is procured from the defence industry or partners.
The outgoing Biden administration is working to get as much aid as possible to Ukraine before Trump takes office on January 20.
Trump has often spoken admiringly of Russian President Vladimir Putin and asserted that he himself can end the war in a day, without saying how.
This has prompted fears that the US will impose war-ending terms dictated by Russia.
Back in London, cybersecurity firm NARF Industries reported a decline in half-year earnings as it grappled with "temporary US government budget delays". Shares fell 8.3%.
NARF's pretax loss in the half-year to September 30 stretched to USD1.9 million from USD1.0 million a year earlier. Revenue amounted to USD1.2 million, a 62% slump from USD3.1 million.
"The company experienced a decline in revenues, reflecting temporary US government budget delays and a strategic focus on accelerating the development and commercialisation of the innovative SocialCyber platform," it said.
In New York, the Dow Jones Industrial Average was down 1.1% at the time of the London close. The S&P 500 was also down 1.1% and the Nasdaq Composite shed 1.3%.
Tech powerhouses struggled. Netflix was down 1.3%, with the streaming service in focus amid the release of the second instalment of hit show Squid Game. Facebook owner Meta Platforms was down 1.4%.
Boeing declined 2.5%.
South Korean officials have ordered a "comprehensive inspection" of all Boeing 737-800 aircraft operated by the country's carriers after a Jeju Air plane crash-landed and burst into flames on Sunday, killing 179 people on board.
Meanwhile, IntercontinentalExchange announced the New York Stock Exchange will be closed on January 9, the national day of mourning following the death of former president Jimmy Carter.
On the economic calendar on New Year's Eve, there is a China NBS manufacturing purchasing managers' index reading overnight.
Financial markets in Frankfurt, Milan and Tokyo are closed on Tuesday. In Tokyo, they do not re-open until January 6.
By Eric Cunha, Alliance News news editor
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