London stocks traded near record highs in the final session of 2025, positioning the FTSE 100 for its strongest annual performance since 2009. The index was little changed at 9,930, on track for a 21.5% gain, reflecting robust market sentiment and the resilience of UK firms amid a year of slowing growth, high inflation, and strained public finances. Precious metals miners led the rally, with Fresnillo up 449%, Endeavour +169%, and Antofagasta +107%, boosted by rising safe-haven demand and falling US interest rates. Defense contractor Babcock climbed 148%, while luxury brand Burberry rose 30% thanks to successful turnaround efforts. However, not all stocks fared well. Greggs fell 39%, advertising giant WPP dropped 59%, and retailer WH Smith declined 46%, highlighting a year of sharply divergent fortunes across the market.