London’s FTSE 100 was up 0.9% at 6,918.10 in afternoon trade on Monday after new chancellor Jeremy Hunt reversed nearly all the tax cuts from Kwasi Kwarteng’s so-called mini-budget.
Housebuilders were the standout gainers after the stamp duty cut announced by former chancellor Kwarteng last month was one of the few changes not to be scrapped by Hunt. Falling gilt yields also lent support.
Persimmon, Taylor Wimpey and Barratt Developments all rallied.
United Utilities and Severn Trent also advanced after Hunt said the energy price guarantee announced by Liz Truss in September – which was due to last two years – would now be reviewed in April.
Hargreaves Lansdown slumped after it reported a drop in first-quarter assets under administration and announced the departure of chief executive Chris Hill, amid reports the company has been hit by a lawsuit over the failure of Neil Woodford’s equity income fund.
FTSE 100 – Risers
Persimmon (PSN) 1,280.00p 5.70%
Taylor Wimpey (TW.) 92.74p 5.43%
United Utilities Group (UU.) 899.80p 5.31%
Legal & General Group (LGEN) 229.50p 4.99%
Barratt Developments (BDEV) 364.00p 4.90%
Land Securities Group (LAND) 531.60p 4.85%
Severn Trent (SVT) 2,406.00p 4.65%
Schroders (SDR) 384.60p 4.60%
Intermediate Capital Group (ICP) 1,026.00p 4.57%
British Land Company (BLND) 347.90p 4.32%
FTSE 100 – Fallers
Hargreaves Lansdown (HL.) 791.20p -2.61%
Haleon (HLN) 267.90p -2.15%
Halma (HLMA) 2,012.00p -1.52%
Coca-Cola HBC AG (CDI) (CCH) 1,966.50p -1.08%
Pearson (PSON) 890.60p -1.04%
BP (BP.) 450.40p -1.02%
BAE Systems (BA.) 784.40p -0.81%
Aveva Group (AVV) 3,148.00p -0.10%
Unilever (ULVR) 3,880.00p -0.05%
Diageo (DGE) 3,671.00p 0.11%
