It’s a subdued open for London markets, which is hardly a surprise with Christmas just around the corner. Trading is thin, volumes are light, and most investors appear happy to sit on their hands. Still, it’s worth remembering that 2025 has been a strong year for the FTSE 100, especially compared with its US peers.
The blue-chip index is up nearly 20% year to date, comfortably outperforming major US indices. A big reason is its limited exposure to expensive technology stocks. Tech makes up just 3.5% of the FTSE 100, compared with around a third of the S&P 500, making London an attractive diversification play as investors trim tech risk.
In early trade, the FTSE 100 was up 0.1%, the FTSE 250 also gained 0.1%, while the AIM All-Share slipped 0.1%.
Among early movers, Metlen Energy & Metals rose 2.2% after confirming the completion of asset disposals in Chile. The deal includes four solar projects with 588 megawatts of operational capacity and a battery storage asset with 1,610 megawatt hours. Signed back in April with a Glenfarne Group unit, the sale will net Metlen $865 million. The company said the transaction supports deleveraging and strengthens its balance sheet heading into the end of 2025.
Videndum plunged 42% after unveiling a refinancing plan aimed at cutting net debt by more than £90 million. Net debt stood at £143.3 million at the end of November. The plan includes a £70 million fundraising, the equitisation of around £23 million of revolving credit facility debt, and a restructuring of remaining borrowings. Videndum said the proposals have been agreed in principle with lenders and its two largest shareholders.
Elsewhere, Christie Group gained 5.0% after saying it expects a better full-year outcome than previously anticipated. The professional services firm pointed to strong activity across brokerage, valuations and finance, with Christie & Co set to advise on more than 1,000 UK business transactions this year at higher average fees.
In currency markets, sterling continues to firm, trading near a 12-week high against the US dollar around 1.35. The pound is being supported by expectations that the Bank of England will take a slower and more cautious approach to rate cuts in 2026. Last week’s 25 basis point cut to 3.75% came with a narrow vote split, reflecting lingering concerns about wage growth and inflation, which remains above the BoE’s 2% target.
In Europe, markets are mixed. Germany’s DAX is up 0.14%, while France’s CAC 40 is down 0.19%.