FTSE 100 down 0.2%; FTSE 250 down 0.07%
BP sells stake in Castrol
Automobile stocks rise, defence stocks decline
(There will be no UK equities report on Dec. 25 and 26 as markets are closed; Reuters will resume coverage from Dec. 27)
Dec 24 (Reuters) -
The FTSE 100 closed lower in quiet trading on Wednesday, as investors wound down some positions in pharma heavyweights AstraZeneca and GSK in a truncated Christmas Eve session.
The UK’s blue-chip FTSE 100 (.FTSE) closed down 0.2%, moving sideways since hitting a five-week high last week following the Bank of England’s 25-basis-point rate cut.
AstraZeneca (AZN.L) and GSK (GSK.L) dropped about 0.5% each.
The domestically focussed midcap FTSE 250 (.FTMC) index was down 0.07%, but still managed to notch its second straight weekly gain.
Trading volumes remained thin heading into the holidays, as many markets are either shut or operating on reduced hours on Christmas Eve.
London’s stock market will remain closed on Thursday and Friday for Christmas and Boxing Day holidays.
Oil major BP (BP.L) agreed to sell a 65% stake in its Castrol lubricants business to U.S. investment firm Stonepeak for about $6 billion, a significant step in the oil major’s $20 billion divestment plan aimed at cutting debt and boosting returns. Its shares were down 0.4%.
The FTSE 100 index is set to close out a fifth straight year of gains, with a 20.7% advance that has outperformed European and U.S. benchmarks, fuelled by miners, financials and defence shares.

London's FTSE 100 closed down 0.2% in a shortened Christmas Eve session, with AstraZeneca and GSK dropping 0.5% each. FTSE 250 fell 0.07%, marking its second weekly gain. BP sold a 65% stake in Castrol for $6 billion. Trading was thin due to holiday closures, with markets shut on Dec. 25 and 26.

London's FTSE 100 closes lower in shortened Christmas Eve session