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FTSE finishes higher after banking stocks boosted by motor finance appeal


Published on 2024-12-11 13:00:58 - The Independent
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  • Shares in Close Brothers rose 3.4% to 248p as a result, while Lloyds climbed 2.4%. The FTSE 100 finished 21.26 points, or 0.26%, higher to end the day at 8,301.62. The index also benefited from stronger trading in the US, as Wall Street was lifted by the latest CPI inflation figures.

The FTSE 100 ended the day with gains, driven primarily by a surge in banking stocks following a successful appeal by Lloyds Banking Group against a £2.3 billion fine related to motor finance mis-selling. The appeal's outcome has potentially reduced the financial burden on banks, boosting investor confidence. Additionally, the market was influenced by positive developments in the US, where the S&P 500 and Nasdaq also saw gains, supported by strong performances from tech giants like Nvidia and Apple. Despite these gains, the FTSE 250 experienced a slight decline, reflecting mixed sentiments in the broader market. The article also notes that while the immediate pressure on banks has eased, the issue of motor finance mis-selling remains unresolved, with potential future implications for the sector.

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[ https://www.independent.co.uk/business/ftse-finishes-higher-after-banking-stocks-boosted-by-motor-finance-appeal-b2662798.html ]