From Morningstar: 2024-10-30 13:54:14

In the aftermath of the Budget, gambling stocks like Entain and Flutter saw a significant boost in share prices. Housebuilder stocks initially rose but closed lower, while airlines and oil companies were hit by tax increases but remained relatively resilient.

The FTSE 100 was largely unaffected by the Budget, with the FTSE 250 closing slightly higher. The Morningstar UK Index closed marginally below Tuesday’s level. Dan Kemp of Morningstar believes UK investors can remain relatively confident despite the Budget challenges.

Entain and Flutter saw their share prices soar post-budget, with Entain rising 8.64% and Flutter jumping 5.62%. Flutter’s primary listing is now on the New York Stock Exchange, with Morningstar metrics showing a narrow economic moat and a fair value estimate of £196.

Housebuilding stocks reacted positively initially to promises of new investment in affordable homes, but only Taylor Wimpey ended the day higher. Oil and gas stocks faced increased taxes, with the windfall tax on profits rising to 38% until March 2030.

Oil and gas giants like Shell and BP saw mixed results post-budget, with Shell closing marginally higher and BP dropping by more than 1%. Airline stocks were also impacted by tax hikes, with EasyJet and British Airways owner International Consolidated Airlines closing marginally higher despite the changes. 1. The stock market reached record highs today, with the Dow Jones Industrial Average closing at 35,000 points for the first time. This milestone comes as investors remain optimistic about the economic recovery and strong corporate earnings reports.

2. A new study found that 70% of Americans have received at least one dose of the COVID-19 vaccine, marking a significant milestone in the country’s vaccination efforts. Health officials are now focusing on reaching the remaining 30% to achieve herd immunity and control the spread of the virus.

3. The United Nations reported that global carbon dioxide emissions are set to rise by 5% in 2021, following a temporary decrease during the pandemic. This increase is a concerning setback for efforts to combat climate change and highlights the urgent need for more sustainable practices worldwide.



Read more at Morningstar: Budget Fallout: Which Stocks Rose and Fell?