Household Goods and Home Construction led a bounce in the UK stock market, even as investors waited on an interest rate decision from the US Federal Reserve after Wednesday’s close and another from the Bank of England the next day.
According to The Times, the new prime minister, Liz Truss, was set to announce the move in the mini-budget, scheduled for 23 September, in an attempt to drive economic growth.
It was also understood the PM and chancellor Kwasi Kwarteng have been working on the plans for more than a month.
Truss believed that cutting stamp duty will encourage economic growth by allowing more people to move and enabling first-time buyers to get on the property ladder, The Times reported.
Aerospace and Defence issues were also sought out as the geopolitical situation in Ukraine worsened.
Overnight, Russia’s President, Vladimir Putin, announced a partial mobilisation of the country’s reservists, some 300,000 according to defence minister Sergei Shoigu.
Putin also said that all options were open to defence the country’s territory, in what was understood to be a thinly veiled nuclear threat.
The day before, officials in the four Ukrainian regions controlled by Moscow had fast-tracked plans for referendums on joining Russia, announcing that they would be held in coming days.
Top performing sectors so far today
Household Goods & Home Construction 10,457.09 +3.21%
Aerospace and Defence 4,714.51 +2.94%
Electronic & Electrical Equipment 8,222.43 +2.84%
Industrial Transportation 3,103.62 +2.62%
Investment Banking and Brokerage Services 12,416.84 +2.31%
Bottom performing sectors so far today
Leisure Goods 15,962.71 -9.35%
Automobiles & Parts 1,571.17 -6.44%
Travel & Leisure 5,910.36 -1.89%
Banks 3,342.17 -1.46%
Tobacco 36,514.72 -0.76%
