Pubs, bookies and builders drive budget bounce for UK mid-caps
30/10/2024 13:53
LONDON, Oct 30 (Reuters) - UK domestically-focussed
stocks led a charge higher in London on Wednesday as UK finance
minister Rachel Reeves's first budget encouraged a rise
particularly in shares of pubs, homebuilders and gambling
platforms.
At 1235 GMT, the mid-cap FTSE 250 .FTMC index was at a
session high, up 0.9%, while the FTSE 100 .FTSE was down 0.4%
and barely changed from the day's open.
A basket of UK homebuilder stocks .FTNMX402020 surged
3.5%, set for its biggest one-day rise since May. Crest
Nicholson rose 4.3%, Persimmon PSN.L was up 3.7% and Taylor
Wimpey was up 3.2%.
Betting companies Entain ENT.L and Flutter Entertainment
FLUT.K rose to the top of the FTSE 350, up 5.7%-6.8%.
Pub stocks also enjoyed a lift after Reeves announced a cut
to duties on alcoholic drinks in pubs. Wetherspoons JDW.L ,
Marstons MARS.L and Mitchells & Butlers MAB.L were last up
3.7%-7.2%.
Elsewhere, a basket of UK utilities names .FTUB6510 ticked
higher, up 1.4%.
The pound GBP=D3 pared some of the day's losses, trading
down 0.2% on the day at $1.2985, up from an earlier low of
$1.2937.
(Reporting by Lucy Raitano)
((Lucy.Raitano@thomsonreuters.com;))