FTSE 100 Dips Ahead Of 'tough' Budget
(RTTNews) - U.K. stocks fell on Thursday, as investors awaited the nation's budget later in the day that promises to be all pain and hardly any gain.
Britain's finance minister Jeremy Hunt and Prime Minister Rishi Sunak have to unveil a budget that will aim to restore confidence in Britain's economy after the former government's failed "mini budget" less than two months ago.
The benchmark FTSE 100 was down 37 points, or half a percent, at 7,314 after closing 0.3 percent lower on Wednesday.
Spirax-Sarco Engineering shares slumped 4.6 percent after the thermal energy and niche pumping specialist backed its full-year guidance for adjusted operating profit, excluding contributions from the recent acquisitions.
Residential housebuilder Crest Nicholson Holdings declined 1.5 percent. The company said it expects fiscal 2022 adjusted profit before tax to be within previously guided range of 135 million pounds to 140 million pounds.
Grainger rose over 1 percent after it posted 12 percent growth in fiscal year adjusted earnings.
Investec slumped more than 3 percent. The banking and wealth-management group has unveiled a £350m share buyback program following a jump in half-year revenues and profits.
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