FTSE 100 Gains As Wage Growth Eases
(RTTNews) - U.K. stocks eked out modest gains on Tuesday and the pound retreated after official data showed the U.K. average earnings growth slowed in three months to August.
Average earnings excluding bonuses grew 7.8 percent in three months to August - coming in line with expectations but slower than the 7.9 percent increase seen in three months to July.
Nonetheless, this was one of the highest annual growth rates since comparable records began in 2001.
Separate data from the statistical office showed that the number of job vacancies declined by 43,000 to 988,000 in July to September.
The benchmark FTSE 100 was up 33 points, or 0.4 percent, at 7,663 after gaining 0.4 percent on Monday.
Frasers Group shares were little changed. The sports and leisure apparel retailer has agreed to acquire SportScheck, a sports retailer in Germany from Signa Retail Department Store Holding GmbH. The financial details of the transaction are not known.
Rolls-Royce Holdings rallied 2.3 percent after the engineering company said it would cut up to 2,500 jobs in a bid to streamline group.
Housebuilders declined, with Bellway falling 1.3 percent after forecasting an over 31 percent slump in annual home-building in the 2024 fiscal year.
Peers Barratt Developments and Taylor Wimpey were seeing marginal gains.
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