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Pound rises as UK wage growth accelerates | |
(about 4 hours later) | |
(Noon): The pound jumped following data showing a pick-up in UK wage growth, while the FTSE 100 was led higher by bid target SABMiller. | |
Between May and July, UK earnings excluding bonuses grew 2.9% compared with the same period last year. | |
The rate was the fastest since 2009, and was seen as bringing forward estimates of when rates might rise. | |
Sterling rose nearly a cent against the dollar to $1.5430 and was up more than a cent against the euro at €1.3750. | |
The FTSE 100 index was up 47.15 points at 6,184.75. SABMiller was the stand-out stock on the market, jumping 20% after it received a bid approach from rival AB InBev. | |
A deal would combine the world's two largest brewers, bringing together brands such as Budweiser, Stella Artois, Peroni and Grolsch. | |
Burberry shares were 0.5% higher following encouraging news from rival luxury goods group Richemont. | |
Richemont's latest sales figures beat expectations and also showed that sales in China - a key market for Burberry - had begun to grow again. | Richemont's latest sales figures beat expectations and also showed that sales in China - a key market for Burberry - had begun to grow again. |
Shares in Glencore rose sharply at first before settling back to stand 0.2% higher. The moves came after the mining giant said it had raised $2.5bn through a share placement as part of its debt-cutting strategy. | |
Shares in packaging and paper group Mondi fell 3.7% after Goldman Sachs cut its rating on the firm to "sell". | |
JD Sports rose 0.4% after the sportswear firm reported an 83% jump in half-year pre-tax profits to £46.6m. | |