FTSE 100 Edges Higher On Economic Optimism

U.K. stocks advanced on Friday on the back of economic optimism after a new study suggested that hiring in the U.K. surged last month.

Demand for staff is rising in almost every industry, with IT and computing jobs leading the way due to the shift to remote working, according to the Recruitment and Employment Confederation (REC) and KPMG.

Meanwhile, the IHS Markit/CIPS Construction Purchasing Managers' Index (PMI) eased to 61.6 in April from 61.7 in March.

The benchmark FTSE 100 climbed 0.6 percent to hover near a new pandemic high of 7,117 after gaining half a percent in the previous session.

Intercontinental Hotels rose 0.7 percent. The company reported that its first-quarter Group revenue per available room or RevPAR was down 32.6 percent from last year on a reported basis, and was down 33.7 percent at constant exchange rates.

British Airways owner IAG was little changed after posting a narrower Q1 loss.

Aerospace engineer Meggitt soared 11.5 percent after reports that it could be a takeover target.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT