Europe close: Stoxx rallies to finish 2024 on positive note
European shares pulled themselves off the mat and closed higher on the final day of 2024 after a weak start.
The pan-regional Stoxx 600 index was up 0.43% at 507.69. Markets in Germany, Switzerland and Italy were shut early for the New Year break, while the remaining bourses traded for half a day.
Spain’s IBEX posted a 0.64% gain. France’s CAC-40 rose 0.89% while the UK’s FTSE 100 rallied to finish 0.64% higher.
The eagerly awaited Santa Rally – which historically kicks off on Christmas Eve and typically lasts until the third trading day of the new year – has largely failed to emerge, with traders choosing to take profits as global equity markets sit at or close to record-highs.
“The cautious mood aligns with global trends, as investors pare back positions ahead of the New Year amid uncertainty over monetary policy and the economic outlook under a Trump presidency,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
“Across the Atlantic, tech stocks remained under pressure, dragging the S&P 500 and Nasdaq lower in yesterday’s session, with holiday-season volatility and year-end profit taking amplifying the losses.
In equity news, housebuilders Persimmon, Barratt Redrow, Berkeley, Vistry and Taylor Wimpey were all performing well after Rightmove revealed that the number of properties listed for sale on the platform hit a record number on Boxing Day, up 26% year-on-year, while both new seller activity and website visits hit all-time highs. Rightmove itself, however, edged lower.
On the downside Galp Energia fell more than 4%.
Reporting by Frank Prenesti for Sharecast.com