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The FTSE 100 opened slightly higher on Thursday, up 6 points to 9,697.81. Investors are still digesting the UK Chancellor’s Budget measures. Gains in mining, consumer staples, and housebuilding stocks offset notable weakness across utilities, hotels and even real-money gaming operators.
Endeavour Mining led the top gainers with a 1.27% rise to £3,506, backed by firmer gold prices. Compass Group jumped 1.27% to £2,401, while St. James’s Place advanced 1.25% to £1,378 as financials enjoyed the stabilizing gilt yields.
Drinks major Diageo saw a rise of 1.19% to £1,737, as the recovery extended and investors rotated back into defensive consumer names.
Among housebuilders, Barratt Redrow increased 1.17% to £397, and Persimmon added 1.04% to reach £1,315, reflecting renewed optimism around potential rate cuts.
On the downside, Rio Tinto dropped 1.39% to £5,385 as concerns resurfaced about demand from China’s industrial sector. Severn Trent declined 1.47% to £2,810.
InterContinental Hotels Group witnessed a decline of 0.69% to £10,105, while Imperial Brands fell 1.04% to £3,243.
Anglo American eased 0.91% to £2,821, continuing a volatility after recent asset restructuring discussions. Pershing Square Holdings also edged lower by 0.49% to £4,864.
The market is eagerly waiting for the analysis from the Institute for Fiscal Studies (IFS) and the Resolution Foundation, expected to offer sharp evaluations of the Chancellor’s Budget.
Rachel Reeves is under pressure after her £26 billion tax rise prompted criticism from households and businesses, with economists warning that the UK is heading toward a record tax burden.
Gaming companies continue to reel from proposed increases to online betting and gaming duty.
Entain forecasts a £200 million annual hit, while Flutter expects an EBITDA impact of $320 million in 2026, rising to $540 million in 2027.
Evoke, owner of William Hill, projects £125-$135 million in additional annual duty costs. All three firms warned of potential job losses and reduced investment in the UK market.
JPMorgan announced plans for a £3 billion headquarters in Canary Wharf, expected to support 7,800 jobs and generate nearly £10 billion in economic output.
Marshalls' CEO stepped down with immediate effect, continuing a series of leadership changes across mid-cap firms this week.
Boohoo Group reported a return to underlying profitability despite lower revenues. Adjusted EBITDA rose 5% YoY to £20 million in the six months to 31 August, while statutory losses from continuing operations narrowed to £3.4 million from £126.7 million.
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Meanwhile, Wall Street rallied, with the Dow Jones and S&P 500 both climbed 0.7% and the Nasdaq up 0.8%, thanks to optimism over a potential US interest-rate cut in December.
Asian markets also reacted positively, with Japan’s Nikkei 225 gaining over 1%, though Hong Kong’s Hang Seng erased early gains to trade largely flat.
