UK Markets End 2024 Strong as FTSE 100 Outperforms the FTSE 250

The FTSE 100 index wrapped up 2024 on a positive note, closing 0.64% higher at a mark of 8,173.02. Despite December closing red, to the tune of 1.68%, the Footsie’s 5.85% increase on the year represents the best annual gain since 2021.

With 2021 being the post Covid rebound of the index, the last normalised year to beat 2024 would be 2017.

It is a similar story for the UK’s other leading index, with the FTSE 250 adding 1.07% on the day, to close out the year with 5.69% in gains, for the best non Covid year since 2017.

Both indexes have been trading within a pretty tight range since May, with a pronounced break yet to emerge.

The currency markets showed an upward movement as well. The British pound increased to USD1.2535 while the euro climbed to USD1.0402. Commodities like gold and crude oil followed suit, with gold prices up to USD2,610.61 an ounce and Brent crude oil reaching USD74.21 per barrel.

In what was a shortened final day of the year, names linked to the energy sector added, with both BP and Shell making solid gains of 1.62% and 1.39% respectively.

In a contrasting development, DG Innovate announced plans to exit the London market which led to its shares plummeting by 70% on Tuesday. The company is expected to delist effective January 31.

Financial markets will remain closed tomorrow both in London, and in the U.S. for New Year’s Day.