London open: FTSE edges up ahead of long-awaited Budget
By Michele Maatouk
Date: Wednesday 26 Nov 2025
(Sharecast News) - London stocks edged higher in early trade on Wednesday, with all eyes on the long-awaited Budget after a series of leaks and U-turns that have kept investors on edge.
At 0830 GMT, the FTSE 100 was up 0.2% at 9,629.95.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "UK stocks opened on the front foot this morning, buoyed by softer US economic data that reinforced expectations of a December rate cut across the Atlantic. But the calm may be short-lived.
"All eyes turn to Rachel Reeves this afternoon, as she unveils a Budget expected to deliver tens of billions in new taxes - a move that could ripple through markets and consumer confidence alike.
"Despite being squarely in the crosshairs, UK banks look set to escape the most severe blows. If tax changes materialise, the most probable lever is a hike in the banking surcharge. Based on our modelling, that would translate into a low to mid-single-digit hit to profits for the big five.
"The pain, however, won't be evenly distributed. UK-centric lenders like Lloyds and NatWest would bear the brunt, with nearly all their earnings exposed to domestic taxes. Global giants such as HSBC and Standard Chartered, by contrast, enjoy a natural hedge thanks to their diversified international footprints."
In equity markets, precious metals miner Fresnillo was the top gainer on the FTSE 100 as gold prices rose, with gold producer Endeavour Mining also higher.
Shares in insurer Beazley recovered some poise, having tumbled on Tuesday after it cut guidance for full-year growth in insurance written premiums. Citi said in research a note that the selloff was overdone.
Pets at Home shot to the top of the FTSE 250 after saying it was taking "action at pace" to address its disappointing retail performance as interim profits at the pet shop and veterinary chain slumped by a third.
The company said it has kickstarted a restructuring program to reduce group overheads by £20m, which will incur non-underlying costs of £6-8m this financial year.
Animal genetics firm Genus gained as Berenberg started coverage of the stock at 'buy', saying that the long-term underlying dynamics of the business look attractive.
Elsewhere, quality assurance specialist Intertek said it had bought US-based Professional Testing Laboratory, which provides testing services for the flooring industry, for an undisclosed sum.
Global specialty chemicals company Elementis said it had bought UK-based Alchemy Ingredients for an enterprise value of $22m on a cash-and-debt-free basis.
Market Movers
FTSE 100 (UKX) 9,629.95 0.21%
FTSE 250 (MCX) 21,652.31 0.16%
techMARK (TASX) 5,533.55 0.28%
FTSE 100 - Risers
Fresnillo (FRES) 2,564.00p 3.55%
Antofagasta (ANTO) 2,723.00p 1.95%
Beazley (BEZ) 795.50p 1.86%
Metlen Energy & Metals (MTLN) 44.40p 1.37%
Burberry Group (BRBY) 1,184.50p 1.37%
BAE Systems (BA.) 1,641.50p 1.26%
Anglo American (AAL) 2,812.00p 1.22%
Halma (HLMA) 3,632.00p 1.17%
Standard Chartered (STAN) 1,617.00p 1.00%
St James's Place (STJ) 1,305.00p 0.97%
FTSE 100 - Fallers
WPP (WPP) 298.10p -2.10%
Diageo (DGE) 1,705.00p -1.64%
easyJet (EZJ) 466.90p -1.31%
Haleon (HLN) 370.90p -0.96%
Croda International (CRDA) 2,742.00p -0.87%
Whitbread (WTB) 2,820.00p -0.70%
Reckitt Benckiser Group (RKT) 5,832.00p -0.65%
Next (NXT) 13,840.00p -0.61%
The Sage Group (SGE) 1,080.50p -0.60%
Centrica (CNA) 163.35p -0.58%
FTSE 250 - Risers
Pets at Home Group (PETS) 219.40p 5.89%
Ceres Power Holdings (CWR) 326.40p 5.29%
Endeavour Mining (EDV) 3,426.00p 3.69%
4Imprint Group (FOUR) 3,995.00p 3.36%
Pantheon Infrastructure (PINT) 105.00p 2.44%
Ithaca Energy (ITH) 198.40p 2.27%
Hochschild Mining (HOC) 366.00p 2.23%
Genus (GNS) 2,505.00p 2.04%
Polar Capital Technology Trust (PCT) 452.50p 1.91%
Playtech (PTEC) 247.00p 1.86%
FTSE 250 - Fallers
Bakkavor Group (BAKK) 214.50p -5.09%
Pinewood Technologies Group (PINE) 335.00p -3.74%
Oxford Nanopore Technologies (ONT) 141.20p -2.28%
BH Macro Ltd. GBP Shares (BHMG) 391.00p -1.88%
Foresight Environmental Infrastructure Limited (FGEN) 64.60p -1.37%
Ashmore Group (ASHM) 154.00p -1.35%
W.A.G Payment Solutions (EWG) 90.00p -1.32%
Tate & Lyle (TATE) 368.60p -1.18%
Pollen Street Group Limited (POLN) 936.00p -1.06%
Sequoia Economic Infrastructure Income Fund Limited (SEQI) 79.40p -0.87%
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