London stocks move higher before Christmas despite weaker housebuilders
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The FTSE 100 witnessed a pre-Christmas lift during a largely subdued trading session as London’s markets closed early. It came despite a weak session for London’s housing stocks, driven by another profit warning at housebuilding giant Vistry. Retail stocks were higher amid hopes that consumer sentiment will improve next year, despite weak sales and footfall data for the key weekend before Christmas.
The FTSE 100 finished 34.27 points, or 0.42%, higher to end the day at 8,136.99. Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “The FTSE 100 delivered positive Christmas Eve trading, despite a week clouded by lacklustre economic data.
“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 with no growth from the prior period.”. Elsewhere in Europe, trading was more mixed, with German stocks slipping back after gains in the previous session.
The Cac 40 ended 0.25% higher for the day and the Dax index was down 0.18%. Meanwhile, sterling rebounded slightly after dipping to its lowest level for seven months on Monday after weak UK GDP figures indicated that more rate cuts could be on the horizon.
The pound was up 0.12% at 1.255 US dollars but up 0.24% at 1.207 euros. In company news, Vistry was among the heaviest fallers after the Kent-based housebuilder warned that delays to some home completions and deals will push its annual profit down by about £50 million, in its third profit warning in recent months.
