U.K. stocks eked out modest gains on Tuesday, with optimism around the relaxation of COVID-19 restrictions and a strong reading on the U.K. labor market helping underpin investor sentiment.
Britain’s unemployment rate unexpectedly ticked lower in the first quarter despite the national lockdown, according to figures released by the Office for National Statistics.
The jobless rate fell 0.3 percentage points to 4.8 percent in the first quarter. This was also below economists’ forecast of 4.9 percent.
At the same time, the employment rate was estimated at 75.2 percent, up 0.2 percentage points from the previous quarter.
The benchmark FTSE 100 rose 30 points, or 0.4 percent, to 7,063 after closing 0.2 percent lower on Monday.
Commodity-related stocks were moving higher, with miners Anglo American and Glencore both rising about 2 percent. Oil firm BP Plc added 1.8 percent and Royal Dutch Shell was up 1.3 percent.
Vodafone slumped 6.5 percent after the mobile operator missed market expectations with a 1.2 percent in full-year adjusted earnings.
Soft drinks maker Britvic rallied 3.3 percent. The company reinstated its dividend, despite reporting a decline in first-half profit and revenue.
Software company Micro Focus jumped 4.7 percent. The company said its first-half performance was set to be ahead of market views.
Real estate investment trust Land Securities fell about 1 percent after reporting a wider loss for full year.
Tobacco company Imperial Brands advanced 1.4 percent after it reported a modest rise in first-half revenue and backed annual outlook.
Market Analysis
FTSE 100 Edges Higher On Employment Data
2021-05-18 09:34:28
