The FTSE 100 index of leading UK equities marked the last trading session ahead of the Christmas festivities by hitting a new high for the year of 7,389 points, up 0.25% or 16 points, before reversing at the last moment to finish flat.
The move up followed a broadly positive showing from US markets, with the Dow Jones Industrial Index, the S&P 500 and the Nasdaq Composite all finishing in positive territory thanks to positive durable goods orders and a strong consumer confidence reading.
Leading the gains in the UK were airlines, hotels and retailers, while miners ended on a sour note after a week of whip-sawing price action.
MARKET NEWS
Shares in consulting and services business Capita (CPI) moved 1.4% higher to 37.10p after announcing it had agreed to sell its AMT Sybex software business to Jonas Computing in a deal worth up to £40 million.
AMT Sybex provides critical utilities and infrastructure software in the UK. Under the terms of the deal, Jonas would pay £23 million on completion, which was scheduled for 1 January 2022.
This latest disposal takes this year's proceeds from asset sales to £643 million or more than 90% of the firm's target of £700 million by next June.
Consumer goods company Reckitt Benckiser (RKT) said it had entered into an agreement to sell its E45 brand and related sub-brands to Karo Pharma for an enterprise value of £200 million.
The proposed sale, if completed, would be another 'step forward in Reckitt's plan to actively manage its portfolio for higher growth, following the recent divestments of its IFCN business in China and its Scholl brand, as well as the acquisition of Biofreeze,' the company said.
Subject to the satisfaction of those conditions, the proposed sale of the E45 business was expected to close in the second quarter of 2022. Shares edged 0.1% higher to £62.74 to on the news.
Shares in TV distribution and production group DCD Media (DCD:AIM) traded flat at 185p, after it reported an increase in first-half profit, as lower costs offset a fall in revenue.
The group maintained its underlying performance was consistent with that in the year-earlier period, and also in line with management expectations.
For the six months ended 30 September 2021, pre-tax profit rose to £262,000 from £240,000, while revenue fell to £5.6 million from £5.8 million year-on-year.
'Strong trading was also driven by some specific high-level sales such as a major licensing deal for The Secrets She Keeps with the confirmed pre-sales to the BBC UK and Sundance Now in the US,' the company said.
Residential property developer Trafalgar Property Group (TRAF:AIM) reported wider first-half losses as turnover fell owing to the pandemic impact.
For the six months ended 30 September 2021, pre-tax losses widened to £338,139 from £16,699 a year earlier as turnover fell to £390,139 from £1.3 million.
'The results for the year for the six months to 30 September 2021 are disappointing,' the company said. Investors begged to differ, however, lifting the shares 3.5% 0.65p.
Shares in defence company Babcock International (BAB) traded 0.6% higher to 320.6p after it announced it had disposed of its power business to M Group Services for £50 million.
Babcock's power business provided engineering services in the UK overhead line electric transmission and distribution industry.
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