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Pound rises as UK wage growth accelerates | Pound rises as UK wage growth accelerates |
(about 4 hours later) | |
(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 more than 1% against the dollar to $1.5505 and was up 0.84% against the euro at €1.3730. | |
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 0.9% 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 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 were the biggest fallers on the index, down 4.3%, after Goldman Sachs cut its rating on the firm to "sell". | |
JD Sports rose 3.1% after the sportswear firm reported an 83% jump in half-year pre-tax profits to £46.6m. |