London’s FTSE 100 ended higher in quiet trade on Friday, though gains were more convincing in mainland Europe, shaking off declines in New York.
The FTSE 100 index added 12.79 points, 0.2%, at 8,149.78. The FTSE 250 fell 82.86 points, 0.4%, at 20,488.65, and the AIM All-Share ended down 2.21 points, 0.3%, at 715.19.
The Cboe UK 100 ended higher at 816.42, the Cboe UK 250 lost 0.5% at 17,930.53, and the Cboe Small Companies added 0.3% at 15,845.21.
In European equities on Friday, the CAC 40 in Paris ended up 1.0%, while the DAX 40 in Frankfurt rose 0.7%.
The pound was quoted higher at $1.2588 late on Friday in London, compared to $1.2555 at the equities close on Tuesday. The euro stood at $1.0429, higher against $1.0403. Against the yen, the dollar was trading at JP¥157.50 compared to JP¥157.10.
Boxing Day shopper footfall was down 7.6% from last year across all UK retail destinations up until 8 pm, MRI Software’s OnLocation Footfall Index found.
However, this year’s data had been compared with an unusual spike in footfall as 2023 was the first ‘proper Christmas’ period without Covid-19 pandemic restrictions, an analyst at the retail technology company said.
Nevertheless, MRI Software said it was expecting footfall to feel a post-Christmas uplift from Friday.
Jenni Matthews, the company’s marketing and insights director, said it was anticipating the ‘year-on-year uplift in footfall to be stronger from today (December 27) onwards as shoppers emerge from their post-Christmas slumber looking to replenish their groceries and see what Boxing Day bargains are available’.
Meanwhile, data showed that footfall levels surged by 18% on Christmas Eve, compared with the same day last year, indicating that shoppers were prioritising spending on the pre-Christmas rush.
Shares in Next fell 2.6% on Friday. JD Sports shed 1.0% and Frasers Group declined 1.6%.
Elsewhere in the UK retail space, Quiz shares fell 6.5%. The firm reported weaker half-year earnings and said trade in December remained tepid.
Its pretax loss in the half-year to September 30 stretched to £4.7 million from £1.5 million. Revenue fell 7.6% to £39.1 million from £42.3 million.
‘December has shown signs of improvement with online revenues broadly consistent with the prior year on a like-for-like basis, sales in store continue to trend behind those achieved last year. As a result, total revenues in December continue to fall short of management’s expectations and have not compensated for the shortfall in revenues experienced in November,’ Quiz added.
Last week, the company proposed exiting AIM due to the ‘considerable cost, management time and the legal and regulatory burden’.
On the up in London, BP and Shell added 1.1% and 0.5%, tracking the Brent price higher.
Brent oil was quoted higher at $73.62 a barrel at the time of the equities close in London on Friday, from $73.03 late Tuesday.
Gold was quoted higher at $2,619.91 an ounce against $2,614.31.
Back in London, Walker Crips shares fell 3.3%. It said ‘challenging times’ in financial markets sent the London stock broker to a half-year loss, and the second half of the year is expected to be equally difficult.
‘It is with a heavy heart that I have to report the challenging times that we have been experiencing,’ said Chair Martin Wright.
The London-based stockbroker and asset manager swung to a pretax loss of £1.5 million in the six months that ended September 30 from the prior year’s £268,000 profit, despite revenue increasing 2.3% to £15.8 million from £15.5 million.
Assets under management were £2.7 billion on September 30, unchanged from March 31, but assets under management and administration were down 4.1% to £4.7 billion from £4.9 billion.
Walker Crips declared no interim dividend, compared to 0.25 pence per share a year before, due the weak results and the company’s ‘capital and liquidity requirements’.
Zenith Energy jumped 35%. It reported a ‘favourable’ decision in an ongoing lawsuit against the Tunisian government.
The oil and gas firm, with assets in Africa and Italy, initiated legal proceedings against Tunisia back in June 2023. Zenith claims Tunisia failed to comply with an investment treaty signed with Britain in 1989.
Zenith’s arbitrations against Tunisia are under review by the Arbitral Tribunal of the International Centre for Settlement of Investment Disputes. The company is claiming around $639.5 million in damages.
The tribunal on Friday dismissed ‘in very severe terms’ Tunisia’s request for bifurcation. The court has reserved the settlement of other issues for future decisions, though it ordered Zenith and Tunisia to agree on and communicate, by January 20, a shorter timeline for proceedings.
Zenith expects closure of the second arbitration hearing in the first-quarter of 2025, and the final award decision in summer 2025.
Chief Executive Officer Andrea Cattaneo commented: ‘Following the recent favourable decision achieved in the ICC-1 Arbitration, it is apparent that there is a linear and effective pathway by which Zenith and its shareholders can be compensated.’
On Friday, New York’s Dow Jones Industrial Average was down 0.8% at the time of the closing bell in London. The S&P 500 was 1.2% lower and the Nasdaq Composite down 1.7%.
Monday’s economic events calendar has the Dallas Fed manufacturing index in the US at 1530 GMT.
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