FTSE 100 Closes Higher Before Christmas Despite Housing Sector Woes
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FTSE 100 Closes Higher Before Christmas Despite Housing Sector Woes

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Azeez Mustapha

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FTSE 100 index ended the trading session on a positive note, rising 34.27 points or 0.42% to close at 8,136.99. This festive boost came amid subdued market activity as London’s markets wrapped up early for the Christmas holiday.

A Rise Amid Mixed Sector Performance

The FTSE 100 overcame challenges from the housing sector, with major housebuilders like Vistry experiencing a 16.3% slump following a profit warning. Vistry’s updated pre-tax profit forecast of £250 million, down from £300 million, sent ripples through the sector. Other notable decliners included Persimmon, Ashtead, and Barratt Redrow.

Despite these setbacks, retail stocks offered a glimmer of hope. Optimism around improving consumer confidence buoyed the index, even as recent sales data for the pre-Christmas weekend fell short of expectations. Matt Britzman, senior equity analyst at Hargreaves Lansdown, noted that the FTSE 100 managed to deliver positive momentum in the final session before the holiday break.

FTSE 100 Closes Higher Before Christmas Despite Housing Sector Woes

FTSE 100 and Broader Market Trends

Across Europe, markets showed mixed results. The Cac 40 rose 0.25%, while Germany’s Dax dipped 0.18%. Currency markets also saw some recovery, with the pound gaining 0.12% against the US dollar to trade at $1.255 and rising 0.24% against the euro to €1.207.

While the stock managed to close higher, the performance highlights ongoing challenges in the UK economy, including stalling GDP figures. Nevertheless, the index’s resilience reflects cautious optimism as investors look toward the new year.

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