FTSE 100 Slightly Higher As Unemployment Edges Higher
(RTTNews) - U.K. stocks rose slightly on Tuesday and the pound dropped against its major counterparts after the nation's jobless rate came in higher than expected in the three months to March, reducing concerns over more interest rate hikes from the Bank of England.
Data from the Office for National Statistics showed that the unemployment rate rose to 3.9 percent in the three months to March from 3.8 percent in the preceding period. The rate was forecast to remain unchanged at 3.8 percent.
The benchmark FTSE 100 was up 13 points, or 0.2 percent, at 7,791 after rising 0.3 percent on Monday.
Telecom giant Vodafone slumped 4 percent after its new boss Margherita Della Valle said she would cut 11,000 jobs over the next three years. The company also warned of a 1.5 billion euro decline in free cash flow this year.
Imperial Brands fell about 1 percent after the cigarette maker said it is on track to meet its full-year guidance.
Drinks group Britvic gained 1 percent after reporting a rise in first-half pre-tax profit on strong sales.
Land Securities rallied 2.7 percent. After posting an annual loss, the landlord said it is seeing buoyant consumer demand.
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