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FTSE 100 Gains After Labour Victory

2024-12-25iFOREXiFOREX
U.K. stocks traded higher on Friday as the Labour Party secured a landslide victory in the U.K. election to end 14 years of Conservative rule.
FTSE 100 Gains After Labour Victory

(RTTNews) - U.K. stocks traded higher on Friday as the Labour Party secured a landslide victory in the U.K. election to end 14 years of Conservative rule.

The benchmark FTSE 100 was up 24 points, or 0.3 percent, at 8,265 after rising 0.9 percent on Thursday.

Housebuilders traded higher, with Barratt Developments, Persimmon and Taylor Wimpey surging 3-4 percent.

It is likely that the Labour Party victory will see the introduction of the Freedom to Buy scheme to replace the Mortgage Guarantee Scheme.

HSBC Holdings fell 1.4 percent after Bloomberg News reported that French bank BNP Paribas and Swiss lender UBS are showing interest in buying its German wealth-management unit.

Energy company Shell dropped half a percent after providing an update to the second quarter 2024 outlook.

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