FTSE 100 Declines After Employment Data

U.K. stocks traded lower on Tuesday after the release of employment data.

The jobless rate rose in the three months to May, but a key measure of British wages matched its highest growth rate on record, keeping pressure on the Bank of England to raise already high interest rates.

The benchmark FTSE 100 dropped 0.4 percent to 7,244 after edging up 0.2 percent on Monday.

Kingspan Group shares soared 12.3 percent. The building materials manufacturer said it expects a trading profit of nearly 435 million euros for the first half, slightly higher than 434 million euros reported in the comparable period last year.

Galliford Try Holdings jumped 3 percent. The construction company said that it expects to post its full year pre-exceptional profit before tax at the upper end of current analysts’ forecasts, reflecting a strong performance across all its operations with increased revenue.

REIT British Land rallied 2 percent. In its operational update ahead of the annual general meeting, the company said it continues to see strong operational momentum in the business with good leasing activity, despite ongoing macroeconomic uncertainty.