The FTSE 100 rallied into the close, ending up 0.24% at 8,278 after earlier moving red on the day. Volatility is the word of the day, as various stocks also made green red moves.
In an unexpected strategic move, wealth management firm St James's Place is set to close all three of its property funds, which collectively hold about £1.8 billion in assets. The decision comes after a gradual post-Covid recovery that wasn't swift enough for the firm's expectations. The closure marks the end of a 20-year chapter for St James's Place in the property investment space.
St James' Place shares (LON: STJ) ended the day up 2.1%, as news that SJP is set to re-enter the FTSE 100 index added to bullish sentiment. The stock has added 32.74% on a YTD basis and is a significant outperformer in UK markets through 2024.
Airtel Africa were a notable gainer on the day, up 4.66% after insider buys in the stock (LON: AAF) helped boost sentiment.
Turning to the UK airline industry, easyJet has reported a remarkable 34% uptick in pre-tax profit amounting to £610 million. The carrier also enjoyed a 14% surge in revenue, reaching £9.31 billion, prompting them to propose a dividend of 12.1p per share. The company's financial health appears buoyant, cheering stakeholders with these latest figures. Despite Easyjet shares starting the day off strongly, the day was a slow bleed, with EZJ down 0.93% by close.
Consumer trust in loyalty incentives has been reaffirmed following an investigation by the UK's competition watchdog. Card schemes operated by retail giants Tesco and Sainsbury have been cleared of any wrongdoing, reassuring shoppers that the savings offered are genuine without any underhand inflation of prices.
Bank of England deputy governor Clare Lombardelli has sounded a note of caution regarding the potential risk to global economic growth. Lombardelli specifically highlighted the protective tariff policies enacted under former US President Donald Trump as a significant factor that could impede international economic prosperity.
Lastly, food delivery service Just Eat Takeaway.com NV has expressed intentions to withdraw from the London Stock Exchange. The company cites complexities and the administrative burden as the prime reasons for its planned delisting, simplifying its operational framework and reducing regulatory overhead.
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