London’s FTSE 100 enjoys rally to end 2024 on a ‘high note’
Share:
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.
