The FTSE 100 experienced a slight decline on Wednesday, as gains in the homebuilding sector were offset by losses in healthcare during a shortened Christmas Eve trading session. The UK’s blue-chip FTSE 100 was down 0.1% at 0936, exhibiting a sideways movement since reaching a five-week high last week after the Bank of England’s 25-basis-point interest rate cut. The domestically focused midcap index was up 0.07% and is poised for its second consecutive week of gains.

Anticipations suggest that trading volumes will likely remain subdued as the holiday season approaches, given that numerous markets are either closed or functioning on limited hours on Christmas Eve. The London stock market is set to close at 1230 on Wednesday, with a subsequent closure on Thursday and Friday in observance of Christmas and Boxing Day, respectively.

The homebuilders Taylor Wimpey and Persimmon experienced an increase of 0.5% each, while healthcare stocks declined by 0.5%, impacted by AstraZeneca and Genus, which fell by 0.7% and 0.1%, respectively. Oil major BP has agreed to sell a 65% stake in its Castrol lubricants business to U.S. investment firm Stonepeak for about $6 billion, marking a significant step in the oil major’s $20 billion divestment plan aimed at cutting debt and boosting returns. The shares exhibited no significant movement.

The FTSE 100 has experienced a notable increase of 20.7% year-to-date, primarily propelled by the performance of miners, financial stocks, and defence stocks. Meanwhile, the pan-European STOXX 600 and benchmark S&P 500 index have gained about 16% each so far.