London stocks were little changed in early trade on Thursday as investors paused for breath following the Budget, with trade likely to remain quiet as US markets will be closed for Thanksgiving.
At 0900 GMT, the FTSE 100 was up just 0.1% at 9,697.62.

Ipek Ozkardeskaya, senior analyst at Swissquote, said: "Yesterday's Budget announcement went much better than many - including myself - expected. Everyone was braced for drama, volatility and even a few tears to spice it up. But none of it materialised. Apart from the OBR accidentally releasing its forecast an hour early, the measures were largely in line with market expectations and were warmly welcomed by gilt markets.

"We heard plenty of tax rises - about £26bn, though most only kick in around the election year. Reeves opted for a softer stance on benefits, but financed by more people paying taxes. She announced a decent fiscal headroom: investors were seduced.

"But a bleak setup for productivity and growth means that the UK will increasingly rely on financial markets to finance government operations. And that means investors - not voters - end up determining how much the government can spend and how much pain people in the streets must endure. The only way to break this cycle is to grow as much as you spend. I'd say there's a better chance of unicorns invading the skyline."

In equity markets, Pennon Group was the top gainer on the FTSE 250 after saying it swung back into the black in the first half, boosted by higher bills and strong demand over the hot summer months.

The owner of South West Water saw revenues jump 24.8% in the six months to September end, to £658.1m, while underlying pre-tax profits came in at £65.9m. Pennon posted pre-tax losses of £18.6m a year previously.

On the downside, Imperial Brands, LondonMetric, Land Securities, Severn Trent, Imperial Brands, FirstGroup, Paypoint and Great Portland Estates all fell as they traded without entitlement to the dividend.

Grosvenor Casinos and Mecca Bingo owner Rank Group tumbled after it said late on Wednesday that the changes to gambling taxes announced in the Budget would dent annual operating profit by around £40m before mitigation.

Entain was in the red after the Ladbrokes owner said its UK & Ireland online business would incur annualised additional costs of around £200m from the changes to gambling taxes.

Evoke - formerly 888 Holdings - was also under the cosh after it withdrew its medium-term financial targets in response to the Budget changes, which it expects to increase duty costs by about £125m to £135m on annualised basis once fully implemented.

Market Movers

FTSE 100 (UKX) 9,697.62 0.06%
FTSE 250 (MCX) 21,977.19 0.42%
techMARK (TASX) 5,559.89 0.22%

FTSE 100 - Risers

Metlen Energy & Metals (MTLN) 44.38p 1.89%
Diageo (DGE) 1,746.00p 1.72%
St James's Place (STJ) 1,383.50p 1.65%
SEGRO (SGRO) 716.60p 1.53%
Associated British Foods (ABF) 2,154.00p 1.41%
Persimmon (PSN) 1,318.00p 1.27%
ICG (ICG) 2,088.00p 1.26%
Schroders (SDR) 390.00p 1.25%
Centrica (CNA) 167.95p 1.17%
United Utilities Group (UU.) 1,239.00p 1.10%

FTSE 100 - Fallers

Burberry Group (BRBY) 1,180.00p -1.46%
Imperial Brands (IMB) 3,230.00p -1.43%
Rio Tinto (RIO) 5,394.00p -1.23%
LondonMetric Property (LMP) 188.10p -1.21%
Anglo American (AAL) 2,813.00p -1.19%
Severn Trent (SVT) 2,820.00p -1.12%
Antofagasta (ANTO) 2,703.00p -0.92%
Fresnillo (FRES) 2,584.00p -0.77%
BP (BP.) 450.10p -0.57%
SSE (SSE) 2,180.00p -0.55%

FTSE 250 - Risers

Pennon Group (PNN) 546.00p 3.31%
IP Group (IPO) 66.00p 3.29%
Close Brothers Group (CBG) 438.20p 2.96%
Playtech (PTEC) 264.00p 2.92%
Raspberry PI Holdings (RPI) 330.80p 2.86%
British Land Company (BLND) 407.60p 2.83%
Watches of Switzerland Group (WOSG) 471.80p 2.70%
Ceres Power Holdings (CWR) 345.40p 2.31%
Wetherspoon (J.D.) (JDW) 687.50p 2.23%
THG (THG) 43.86p 2.14%

FTSE 250 - Fallers

Rank Group (RNK) 109.80p -6.95%
Ithaca Energy (ITH) 185.20p -3.04%
Unite Group (UTG) 530.50p -2.75%
Personal Assets Trust (PNL) 535.00p -1.47%
FirstGroup (FGP) 175.10p -1.19%
CMC Markets (CMCX) 294.00p -1.18%
Partners Group Private Equity Limited. (EUR) (PEY) 10.20p -0.97%
Johnson Matthey (JMAT) 1,948.00p -0.81%
AVI Global Trust (AGT) 253.00p -0.78%
Jpmorgan European Growth & Income (JEGI) 134.00p -0.74%