UK stocks saw a small increase on Wednesday as Chancellor Jeremy Hunt announced the 2024 Budget. The expectations were largely around further tax cuts and reductions in public spending.
The FTSE 100, representing the 100 companies on the London stock exchange with the highest market capitalisation, saw a rise by 16 points or 0.2 percent, finishing at 7,662, mildly higher than the previous day.
There was mixed news in the corporate world. The life insurance company Legal & General experienced a 3.3 percent fall due partly to their operating profit for 2023 remaining flat.
Shares in Ricardo, a renewable energy company rose by more than 2 percent following its announcement of a reduced loss for the first half of the fiscal year.
DS Smith, a leading paperboard and packaging producer, enjoyed a 1 percent rise after reporting a strong third quarter. The positive news was attributed to a strategic focus on effective pricing, improved efficiency, and sustainable solutions.
However, oil company Tullow Oil's shares dipped nearly 4 percent due to its pretax profit falling as a result of lower oil prices and financial impairments.
