Market overview: Retailers rise after budget

16:30 Close Footsie was overall broadly unchanged by the Budget today, closing some 50 points lower after falling early in the day, but there was some sector-specific movement. Chancellor George Osborne's Budget speech unveiled a rise in VAT to 20% from 17.5% from January 4, but the move had been widely anticipated. Clothes retailers Marks & Spencer and Next were among the retailers that went well. In compnay news, Costa Coffee owner Whitbread gave the Footsie a small caffeine rush after a trading update. Premier Inn and Costa Coffee were the star performers for the hotel and restaurant chain group as it posted a record 7.6% like for like sales rise. The FTSE 100 was held back by losses among resource stocks, which are hit by a retreat in commodity prices. Oil groups BP and BG fall back, while ENRC leads miners lower. FTSE 100 closed down 52 at 5,247.

16:05 Retailers and housebuilders have reacted postively to today's budget, though shares are lower overall. Chancellor George Osborne has unveiled a rise in VAT to 20% from 17.5% from January 4, but the move had been widely anticipated. Clothes retailers Marks & Spencer and Next are among the retailers going well. The lower than feared rise in Capital Gains Tax was good news for housebuilders, which were also heartened that an immediate rise in CGT means there won't be a rush to sell houses. FTSE 250-listed Barratt and Persimmon are showing good gains. The FTSE 100 is held back by losses among resource stocks, which are hit by a retreat in commodity prices. Oil groups BP and BG fall back, while ENRC leads miners lower. FTSE 100 down 54 at 5,245.

14:20 Retailers are among the top performers in the FTSE 100 following today's Budget. Chancellor George Osborne has unveiled a rise in VAT to 20% from 17.5% from January 4, but the move had been widely anticipated. Clothes retailers Marks & Spencer and Next, Argos and Homebase owner Home Retail Group, supermarkets Wm Morrison and Tesco and B&Q owner Kingfisher are in the top 10. Hotel and coffee shop operator Whitbread, which saw a 7.6% rise in like-for-like sales in the 13 weeks to 3 June, is today's top riser, but Footsie is lower overall, down 58 at 5,240.

13:25 Footsie has barely flickered on the raft of new tax proposals proposed by George Osborne. It has been a long time since a chancellor reeled off such a list of tax increases and perhaps investors are taking time to absorb it all. VAT is going up, CGT is going up and banks have been bit with a levy. Even so, Footsie is still little changed with fallers still largely the miners and BP. FTSE 100 down 81 at 5,217.

13:22 Capital gains tax for higher rate payers will rise to 28% from midnight tonight from 18% currently.

13:15 VAT will rise to 20% from 17.5% from January 4, Osborne says.

13:06 Corporation tax will fall by 1% over the next four years to 24% from the current 28%, Chancellor George Osborne says.

12:45 Most of the budget deficit reduction will come from spending cuts rather than tax rises, Osborne has said.

12:34 Chancellor George Osborne has begun his Budget speech. He says he wants there to be an 'enterprise led' recovery.

12:25 Footsie has continued drifting lower, leaving just five stocks in the blue. Mexican silver miner Fresnillo is the heaviest faller as metal prices fall. Bank Barclays is also weak. Oil group BG is down as crude prices slip back, as is BP. Among the handful of risers is hotel and coffee shop operator Whitbread which saw a 7.6% rise in like-for-like sales in the 13 weeks to 3 June as its low prices attracted customers during the uncertain economic conditions. FTSE 100 down 80 at 5,219.

10:30 Only nine FTSE 100 stocks are posting gains as resource stocks weigh on the FTSE 100. Miners retreat after gains yesterday on the back of China's decision to de-link its currency from the dollar. Fresnillo is the heaviest faller. Oil stocks BG and Cairn Energy are lower in line with the oil price. Among the risers is hotel and coffee shop group Whitbread, which saw a 7.6% rise in like-for-like sales in the 13 weeks to June 3. FTSE 100 down 61 at 5,238.

09:10 Resource stocks are dragging Footsie slightly lower, with miners giving up yesterday's gains and oil group BP continuing its descent. Fresnillo and Kazakh pair ENRC and Kazakhmys are the worst hit miners. The sector was on the front foot yesterday after China's decision to de-link its currency from the dollar. BP is continuing to suffer from the fallout of the Gulf of Mexico oil leak. Oil explorer Cairn Energy also falls back. FTSE 100 down 25 at 5,274.

08:40 Miners are on the retreat after yesterday's China-inspired run, dragging Footsie down with them. Fresnillo and Kazakhmys are the worst hit. BG is another weak performer. Whitbread is top of the list after a strong performance from Premier Inn and Costa Coffee in the last three months. FTSE 100 down 29 at 5,270.