24th Dec 2024 09:01
(Alliance News) - Stock prices in London opened higher on Tuesday, injecting some festive cheer into proceedings as markets prepare to close early on Christmas Eve.
"The FTSE 100 delivered a positive start to Christmas Eve trading, despite a week clouded by lacklustre economic data," said Hargreaves Lansdown's Matt Britzman. "Monday's session saw the index close slightly lower after opening in the red, as final GDP figures revealed the UK economy stalled in the third quarter...Adding to the wintry chill, second-quarter growth was revised down from 0.5% to 0.4%, stoking concerns about the UK's slowing momentum heading into the new year."
The FTSE 100 index opened up 21.00 points, 0.3%, at 8,123.72. The FTSE 250 was up 57.64 points, 0.3%, at 20,476.73, and the AIM All-Share was up 3.11 points, 0.4%, at 715.55.
The Cboe UK 100 was up 0.3% at 815.18, the Cboe UK 250 was up 0.3% at 17,932.69, and the Cboe Small Companies was up 0.3% at 10,360.19.
AstraZeneca gained 0.5% on the FTSE 100.
Along with Japan's Daiichi Sankyo, Astra has voluntarily withdrawn a marketing authorisation application in the EU for datopotamab deruxtecan for adults with locally advanced or metastatic nonsquamous non-small cell lung cancer.
AstraZeneca said the decision to withdraw was informed by feedback from the Committee for Medicinal Products for Human Use of the European Medicines Agency.
Vistry was the FTSE 250's biggest loser, dropping 17%.
Vistry announced that it expects around GBP250 million in adjusted pretax profit for 2024, compared with its previous target of about GBP300 million, "primarily due to delays to expected year-end transactions and completions".
Joking that the housebuilder is on "Santa's naughty list", Britzman said: "Vistry's festive season is anything but merry, with profit guidance sliding down the chimney once again...This marks the group's third profit downgrade of the year, a troubling trend driven by a string of poor management decisions and forecasting missteps that have left investors feeling far from jolly."
He added: "As the year ends on a sour note, Vistry faces a long winter of rebuilding trust, leaving investors with little choice but to mull over their options."
Among smaller companies, Windward surged 41%.
The Tel Aviv-based maritime predictive intelligence company has agreed to a recommended acquisition offer by FTV VIII LP which values its share capital at approximately GBP216 million.
Windward shareholders will be entitled to receive 215 pence per share in cash.
Kooth jumped 9.4%.
The youth digital mental health care provider plans to launch a share buyback programme worth up to GBP1.5 million.
In European equities on Tuesday, the CAC 40 in Paris was up 0.4%, while the DAX 40 in Frankfurt was down 0.2%.
The pound was quoted higher at USD1.2537 early on Tuesday in London, compared to USD1.2525 at the equities close on Monday. The euro stood at USD1.0395, against USD1.0399. Against the yen, the dollar was trading at JPY157.01 compared to JPY157.12.
In Asia on Tuesday, the Nikkei 225 index in Tokyo was down 0.3%. In China, the Shanghai Composite was up 1.3%, while the Hang Seng index in Hong Kong was up 1.2%. The S&P/ASX 200 in Sydney closed up 0.2%.
In the US on Monday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.2%, the S&P 500 up 0.7% and the Nasdaq Composite up 1.0%.
Brent oil was quoted higher at USD73.07 a barrel early in London on Tuesday from USD72.09 late Monday.
Britzman said the black gold was "shrugging off earlier losses in a thin pre-holiday session as upbeat US economic data sparked optimism for a strong year-end in the world’s largest consumer. Adding fuel to the fire, India's rising crude imports in November signalled robust demand...though fears of oversupply next year put a lid on further gains.
"Broader pressures, including a stronger US dollar and shifting global consumption trends, cast a shadow over the longer-term outlook for oil markets."
Gold was quoted higher at USD2,618.56 an ounce against USD2,611.83.
Still to come on Tuesday's economic calendar, from the US this afternoon look out for durable goods orders; new home sales; and the Richmond Fed manufacturing index.
By Emma Curzon, Alliance News reporter
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