StockMarketWire.com - The FTSE 100 slipped back a little this afternoon, although stayed above 7,000 as it closed 1.4% higher at 7,034.93. Earlier on in the day the index had traded as much as 2% higher.

There appeared to be little in the Budget to move the markets with waning confidence in US markets after a strong start likely contributing to the more subdued mood. At around 4.30pm UK time the S&P 500 was up 0.5% to 2,673.05.

Takeaways firm Just Eat fell 1.3% to 593.8p after broker Peel Hunt downgraded its recommendation on the shares from 'buy' to 'sell', citing the competitive threat posed by both Uber Eats and Deliveroo.

In early September reports emerged that Uber Eats was planning to buy Deliveroo.

LARGE AND MID CAP RISERS AND FALLERS

HBSC perked up 5.3% to 636.8p after it posted a better-than-expected 28% rise in third-quarter profit, partly underpinned by cost cutting.

Rio Tinto gained 1.8% to £37.32, despite announcing an agreement it signed two years ago to sell its stake in the Simandou iron ore project in Guinea to Chinalco had lapsed.

The miner said the two companies would work with the Guinean government to 'explore other options to realise value' from the asset.

SMALL CAP RISERS AND FALLERS

Flooring retailer Victoria slipped 22.2% to 469.75p after it announced that it expected its margin performance to fall short of market expectations, as it cut prices to win market share.

Aviation service provider Gama Aviation plunged 16.6% to 126.7p on a warning that its full-year performance would fall short of expectations, owing to slow growth at its US air division.

Cosmetics company Warpaint London tumbled 44% to 115p, as it warned that challenging trading conditions in the UK would weigh on its annual sales and profits.

Auto retailer Pendragon dipped 0.4% to 26.15p on announcing that finance director Tim Holden would stand down at the end of March after 11 years with the company to pursue other interests.

He would be replaced by Mark Willis, who was currently chief financial officer of bowling alley operator Ten Entertainment Group.

Energy storage group ITM Power gained 2.2% to 23.1p after it announced that it expected another year of 'significant' financial progress, with revenues to ramp up in the second half of the year.

Self-storage play Lok'N Store gained 9.4% to 409p as full year results showed double-digit advances in earnings and net asset value per share.


Story provided by StockMarketWire.com