- FTSE 100 down 0.3%, FTSE 250 up 0.1%
- Debenhams surges on upbeat profit forecast
- Unite falls on weak FY26 guidance
Nov 27 (Reuters) - UK's FTSE 100 edged lower on Thursday, as losses in consumer staples and energy stocks weighed, a day after Finance Minister Rachel Reeves announced a big tax-raising budget.
The blue-chip FTSE 100 slipped 0.3%, while the domestically focused FTSE 250 nudged higher 0.1%.
Some consumer-related stocks such as Unilever and British American Tobacco declined 0.7% and 1.2%, respectively. Personal goods stocks fell with Burberry down 1.7%.
Industrial miners fell 1.2%. Anglo American and Rio Tinto fell over 1.5% each. Energy stocks declined 0.9%, tracking oil prices that fell on expectations of a Ukraine‑Russia ceasefire. BP declined 1.2%.
On the flip side, precious metal miners advanced 0.7% with Endeavour Mining adding 1.2%. Homebuilders stocks gained 0.9% after falling in the previous session as the budget increased tax on high-value properties.
Reeves on Wednesday delivered a highly anticipated budget that raised taxes and doubled her fiscal margin to meet Britain’s fiscal targets, exceeding market expectations, even as welfare spending rises.
Big investors broadly welcomed the tax-raising budget that gives Reeves more leeway to meet her fiscal targets, but they warned it may not be enough if growth falters because tax hikes are due to kick in later.
Among other moves, shares of some British gambling firms fell. Evoke lost 7% and Rank Group declined 9.5%, reversing Wednesday’s rebound, after both companies warned that the plan to hike taxes on online gaming would hit profits.
However, gambling tech firm Playtech rose 8.4% despite warning that it expects an impact of millions of euros.
Unite Group fell 4.4% to a more than 10-year low after the student accommodation developer warned of lower earnings in 2026.
Online fashion retailer Debenhams surged 44.4% on an upbeat profit forecast.
Severn Trent and 3i Group fell as they traded ex-dividend.
Markets in the U.S. are closed for the Thanksgiving holiday.
Source: Reuters