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Pound rises as UK wage growth accelerates 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. (Close): 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.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.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. Sterling rose more than 1% against the dollar to $1.5505 and was up 0.84% against the euro at €1.3730.
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. The FTSE 100 index closed up 1.49% to 6,229.21. 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.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. Burberry shares were 0.9% 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 Glencore rose 5% 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". Shares in packaging and paper group Mondi were the biggest fallers on the index, down 4.3%, 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. JD Sports rose 3.1% after the sportswear firm reported an 83% jump in half-year pre-tax profits to £46.6m.