London's stock market experienced notable gains during a shortened trading day leading up to New Year's Eve, concluding with the FTSE 100 up 0.64%. Investors are hopeful, aiming to finish 2024 on an optimistic note. Notably, the UK has emerged as the third most sought-after destination for global mergers and acquisitions in 2024, trailing only behind the United States and China.
The total M&A value involving British companies reached an impressive $182.9 billion, showcasing the significant interest in the UK market, as reported by the London Stock Exchange Group. The financial sector has dominated the M&A landscape in the UK this year, responsible for an impressive 17% of overall target activity.
This trend includes substantial offers for the asset management firm Hargreaves Lansdown and Nationwide Building Society's strategy to acquire Virgin Money. At the close of trading, shares of LSEG slightly dipped by 0.13%, while Hargreaves Lansdown experienced a marginal increase of 0.05%. In corporate developments, Haleon finalized the acquisition of an additional 33% stake in its Chinese joint venture, Tianjin TSKF Pharmaceutical.
This strategic move involves purchasing shares from partners Tianjin Pharmaceutical Group and Tianjin Pharmaceutical Da Ren Tang Group, with the deal valued at 4.47 billion yuan at its announcement in September. The British consumer health conglomerate saw its stock rise by 0.88% at the close. Additionally, Digital 9 Infrastructure entered into a binding agreement to divest its interests in the Emic-1 project for a substantial sum of $42 million.
This sale prompted a share price increase of 4.42% in closing trade, marking a pivotal exit from an intercontinental subsea cable and terrestrial fiber system project that connects Europe, India, and the Middle East, now delayed indefinitely due to ongoing conflicts affecting the Red Sea region. Looking forward, Bunzl is set to launch a £50 million tranche of its share buyback program.
This initiative will see the repurchase of an additional £200 million worth of shares by 2025, with all shares brought back until March 3, 2025, slated for cancellation to mitigate share capital. Despite this news, the stock of the British distribution and outsourcing firm remained flat. UK markets will close on Wednesday in observance of New Year's Day.
Upon the restart of trading, investors will be eyeing nationwide housing prices and the S&P Global Manufacturing PMI scheduled for Thursday, followed by money supply and mortgage data slated for release on Friday..