Plus   Neg

FTSE 100 Inches Higher After Jobs Data

U.K. stocks were moving higher on Tuesday as hopes of more stimulus for China's slowing economy helped push mining stocks higher.

Investors also cheered official data showing that the U.K. unemployment rate remained stable in April at the lowest since 1974.

In three months to April, the ILO jobless rate came in at 3.8 percent, the lowest since end 1974, matching expectations.

The pound staged a recovery against the euro and the dollar as wages grew faster than expected.

The benchmark FTSE 100 was up 32 points or 0.43 percent at 7,407 after adding 0.6 percent on Monday.

Mining giant BHP rallied 2.3 percent, Antofagasta jumped almost 3 percent and Anglo American added 2.4 percent after Beijing said it would allow local governments to use proceeds from special bonds as capital for major projects including highways, gas and power supply and railways.

Luxury clothing retail company Ted Baker plunged as much as 26 percent after a profit warning.

Food and support services company Compass Group declined 0.9 percent after it signed an agreement to acquire Fazer Food Services from Fazer Group for an enterprise value of about 475 million euros.

For comments and feedback contact: editorial@rttnews.com

Follow RTT