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

In the lead-up to the Budget, gambling stocks were feared to be targeted for tax hikes, but they ultimately escaped unscathed, leading to a surge in shares for companies like Entain and Flutter. Housebuilder stocks dipped despite promises of new investments, while airlines and oil companies faced tax increases but remained resilient. Overall, UK stock markets saw minor fluctuations post-Budget.

Entain and Flutter saw significant gains in their share prices following the Budget, with Entain jumping 8.64% and Flutter rising 5.62%. Flutter’s primary listing is now on the NYSE. Morningstar metrics for Flutter include a narrow Economic Moat and a Fair Value Estimate of £196.

Labour did not mention additional taxes on gamblers in the Budget, but plans to consult on a single tax for “remote gambling.” Housebuilding stocks initially rose but ended lower, despite promises of investment in housing. Oil and gas firms faced increased windfall taxes, with the levy rising to 38%.

Despite tax hikes on air passenger duty, airline stocks did not plummet, with EasyJet and IAG closing marginally higher. Shell’s share price closed slightly up, while BP saw a decrease. Overall, the Budget had mixed effects on different sectors of the UK stock market. 1. The stock market experienced a record-breaking surge today, with the S&P 500 reaching an all-time high of 3,934.83 points. This increase was driven by strong performances from tech giants like Apple and Amazon, which saw their shares rise by over 5%.

2. In other news, the latest unemployment figures show a decrease in jobless claims, with the number of new claims falling to 730,000 last week. This marks the lowest level since November and indicates a positive trend in the labor market recovery.

3. The COVID-19 vaccine rollout continues to make progress, with over 50 million doses administered in the US so far. This milestone comes as the country ramps up its vaccination efforts, with an average of 1.7 million shots given per day.

4. On the international front, tensions are escalating between Russia and Ukraine, as Russian troops gather near the border. The US has expressed concern over the situation and is calling for de-escalation to prevent a potential conflict in the region.

5. Finally, in sports news, the NBA announced plans to hold an All-Star game in Atlanta next month, despite concerns from players and health officials. The game will feature a condensed format and limited fan attendance, with strict health and safety protocols in place.



Read more at Morningstar: UK Stocks: Budget Winners and Losers