Market overview: FTSE 100 rises 0.2% ahead of four-day festive break
1230: Close The FTSE 100 finished 11.75 point higher at 6,609.93, 0.18% on a low-volume session. This was its best close since 8 December when it settled at 6,672.15. The FTSE was the only main market across Europe to benefit from Christmas spirit, with Madrid falling 0.1% and Paris dropping 0.5%. Markets in Frankfurt and Milan were closed for the day. Trading volumes were “thinner than the spread on Scrooge’s Christmas table”, according to analyst Chris Beauchamp from IG.
FTSE 100
8,057.41
15:20 25/04/24
FTSE 350
4,423.54
15:20 25/04/24
FTSE All-Share
4,377.50
15:20 25/04/24
Health Care Equipment & Services
11,690.05
15:05 25/04/24
Smith & Nephew
969.20p
15:20 25/04/24
1221: The FTSE 100 is up six points at 6,605 and looks set to record its seventh straight day of gains with just less than 10 minutes left of the trading day. Smith & Nephew (+7.8%) is still leading gains on the blue-chip index on rumours that Stryker is preparing a bid. “Sceptics might suggest this is good timing in low liquidity markets to spread a bid rumour. The lack of liquidity means prices can jerk quickly higher without feeling the resistance from the normal number of sellers,” said analyst Jasper Lawler from CMC Markets UK.
1113: The FTSE 100 has held on to gains, trading nine points higher at 6,607. However, markets continue to be rangebound with investors refraining from taking on too much risk on a shortened session. Just 32 points separate the Footsie’s intraday low (6,586) and high (6,618). Markets on the London Stock Exchange are due to close at 13:30.
0841: Shares in Smith & Nephew have surged in London after Bloomberg cited sources as saying Stryker is looking to make a bid at a premium of around 30% to S&N’s current share price. The shares have advanced nearly 9% to 1,183p in early deals. Bloomberg said that Michigan-based Stryker is not planning a controversial tax-inversion deal because of the limited tax benefits and political risk associated with a potential takeover.
0815: UK stocks have opened in positive territory on what is expected to be a very quiet shortened Christmas Eve session for the markets. The FTSE 100, which closed at a two-week high of 6,598.18 yesterday, has now extended gains into the seven straight day, though upside is relatively modest with little catalysts to drive sentiment either way.