Kingfisher shares are the latest casualty of the pessimism created by Rachel Reeves’ budget and its impact on consumer spending and business investment plans.

DIY specialist Kingfisher named the UK and French budgets as specific reasons for slow trading in Q3, which saw like-for-like sales fall by 1.1%.

As a result, Kingfisher has reduced its profit before tax outlook to a range of £510m to £540m from £510m to £550m. The adjustment is small but the mere fact Kingfisher has lowered its outlook has rocked shares sending them lower by 13%.

“After what was a strong first half of the year for Kingfisher, the DIY retailer’s latest trading update looks much more shaky, as the impact of Rachel Reeves’ recent budget may have dealt a significant hammer blow for the B&Q owner,” said Mark Crouch, market analyst at investment platform eToro.

“The rise in National Insurance costs has put pressure on Kingfisher’s profit outlook, shaving off the upper end of its projected earnings, and as consumers and businesses adjust to the latest Labour budget measures, this financial strain is becoming increasingly apparent.”

Although the share price reaction portrays doom and gloom for the retail, there were some signs of positivity. The UK business showed signs of strength with B&Q’s e-commerce platform growing 45% and Screwfix and Tradepoint increasing market share.

“Despite these challenges, Screwfix held up relatively well helping to offset some of the broader difficulties, posting modest sales growth. However, Kingfisher’s performance in France remains a concern, with sales continuing to fall. What first might have felt like a splinter at the start of the year for Kingfisher could develop into something worse if the current trends there don’t reverse,” Crouch explained.

Hummingbird Resources shares crashed to an all-time record low on Monday after the company announced it is facing significant funding constraints due to poor production at the Kouroussa Gold mine.

Hummingbird Resources shares were down 28% at the time of writing.

The heavily indebted gold miner said it faces financial difficulties despite its Kouroussa Gold Mine in Guinea reaching commercial production. Production figures fall short of the company’s previously announced target of 2,000-2,500 ounces per week, primarily due to mining capacity constraints and lower-than-expected mill feed grades.

The mine has achieved a four-week trailing average production of approximately 1,900 ounces, selling at an average price of US$2,473 per ounce, below current market rates due to existing hedging contracts.

The company announced in September this year that it had net bank debt of $135m. Poor production from Kouroussa is only making problems worse.

Hummingbird has acknowledged that even with commercial production achieved at Kouroussa, the group is unlikely to generate sufficient near-term cash flow to alleviate its current liquidity problems. These financial struggles are further complicated by loss-making operations at its Yanfolila site and payments that are due to the Mail Government.

The company is in ongoing discussions with financing partners to explore options, but the company’s high debt pile relative to its low market cap will make any resolution challenging.

The FTSE 100 was firmly on the front foot on Friday, with retail shares shaking off the impact of slow pre-budget retail sales in October.

UK retail sales fell 0.7% in October as investors held off making big purchases ahead of the budget. Investors, however, are looking past the soggy sales of October and taking an optimistic view of the FTSE 100’s consumer-facing companies which were trading broadly higher on Friday.

B&M Retail was 4% higher while Sainsbury’s and Marks & Spencer added 4% as the FTSE 100 gained 0.9%.

“It could be that people were simply keeping their powder dry, saving their pennies for the late half-term or to indulge over Christmas,” said Danni Hewson, AJ Bell head of financial analysis. “It could also be that unseasonably mild weather simply delayed the purchase of winter woollies which have been needed over the past week.”

A strong session in the US overnight also helped lift the mood on Friday, with interest rate fears subsiding and technology shares showing further signs of buoyancy.

“The FTSE is up taking its cue from Wall Street and eastern exchanges as risk appetite bounced back from earlier in the week,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“US unemployment claims came in below expectations reaching a seven-month low and although this may give hawks at the Fed a little more support, it’s also reflective on underlying strength in the US economy.”

Vistry was among the gainers, rebounding from heavy selling with a 3.4%. Peers Taylor Wimpey and Persimmon rose in sympathy. The poor retail sales data released on Friday increased the chances of an interest rate cut, which will always support the housebuilders.

Hopes of a rate cut were evident in the FTSE 100 banks as investors sold Lloyds, NatWest, and Barclays in anticipation of lower rates eroding their net interest margins.