FTSE 100 movers: Entain reverses earlier losses, St James's Place gains

(Sharecast News) - London's FTSE 100 was up 0.9% at 9,695.57 in afternoon trade on Wednesday. Ladbrokes owner Entain was the top gainer on the index, having tumbled earlier in the session after the Office for Budget Responsibility confirmed the gambling sector would be facing higher taxes.

According to the OBR's Economic and Fiscal Outlook, which was accidentally released early - changes planned will raise £1.1bn by 2029-30.

"From April 2026 there will be an increase in remote gaming duty from 21% to 40% and abolition of bingo duty from its current 10% rate," the OBR said.

From April 2027, a new rate of general betting duty for remote betting will be introduced at 25%. This will exclude self-service betting terminals, spread betting, pool bets, and horseracing.

"The Government has also announced a freeze in casino gaming duty bands in 2026-27 with the usual RPI [retail price index - inflation] uprating thereafter," the OBR said.

Elsewhere, gold miner Endeavour and precious metals miner Fresnillo both shone as gold prices rose.

Wealth manager St James's Place rallied after Chancellor Rachel Reeves confirmed a stamp duty holiday for newly-listed London shares and ISA reforms to encourage investment in UK equities, and announced plans for new investing hubs.

In her long-awaited Budget, Reeves said there would be no stamp duty on newly-listed shares for up to three years, versus the 0.5% that applies to all UK stock purchases currently.

She also announced plans for investing platforms to build hubs championing UK investment opportunities in 2026.

Also boosting the sector was news of ISA reforms, which mean that from April 2027, £8,000 of the £20,000 allowance must be invested in UK stocks and shares.