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(Sharecast News) - London stocks were still little changed by midday on Thursday as investors paused for breath following the Budget, with trade likely to remain quiet as US markets will be closed for Thanksgiving.
The FTSE 100 was down 0.1% at 9,680.92.
Russ Mould, investment director at AJ Bell, said: "After yesterday's Budget-related drama, there is a quieter feel to markets this morning.
"The FTSE 100 was flat in early trading after gains in Asia and yesterday in the US on rate cut hopes, with a decent showing for retailers balanced out by weakness in the property and mining space.
"After seeing considerable volatility yesterday amid leaks and mixed messages about the UK economic outlook and the implications of Rachel Reeves' decisions, gilt yields ticked a little higher this morning. The government is likely to be breathing a sigh of relief at the market reaction to date."
In equity markets, Pennon Group ralied after saying it swung back into the black in the first half, boosted by higher bills and strong demand over the hot summer months.
The owner of South West Water saw revenues jump 24.8% in the six months to September end, to 658.1m, while underlying pre-tax profits came in at 65.9m. Pennon posted pre-tax losses of 18.6m a year previously.
On the downside, Imperial Brands, LondonMetric, Land Securities, Severn Trent, Imperial Brands, FirstGroup, Paypoint and Great Portland Estates all fell as they traded without entitlement to the dividend.
Grosvenor Casinos and Mecca Bingo owner Rank Group tumbled after it said late on Wednesday that the changes to gambling taxes announced in the Budget would dent annual operating profit by around 40m before mitigation.
Evoke - formerly 888 Holdings - was also under the cosh after it withdrew its medium-term financial targets in response to the Budget changes, which it expects to increase duty costs by about 125m to 135m on annualised basis once fully implemented.
Halfords fell even as it said it was on track to deliver FY26 expectations following a "strong" first half, as it pointed to a solid performance from cycling.