Sept 14 (Reuters) – London’s FTSE 100 slipped on Tuesday, dragged by heavyweight metals and banking stocks, while JD Sports Fashion jumped to the top of the index after reporting strong earnings.
The domestically focused mid-cap FTSE 250 index (.FTMC)traded 0.1% lower.
Official figures showed British employers added a record 241,000 staff to their payrolls last month, taking the total number of payrolled employees to pre-pandemic levels. read more
The strong jobs report also boosted the sterling, which in turn weighed on the FTSE 100, an index dominated by large dollar-earning companies. GBP=
“The UK jobs market has been stuck into a blender and whizzed up on high speed. Considering the incredible disruption caused by the double whammy of COVID and Brexit, it is rather incredible the situation is looking as healthy as it is,” said Danni Hewson, financial analyst at AJ Bell.
Focus will now turn to Wednesday’s inflation data, which is expected to show prices rose in August and stoke fears of a sooner-than expected change in the Bank of England’s monetary policy.
“Rising inflation can only revive the Bank of England hawks, after Governor Andrew Bailey hinted that the ‘growth is plateauing and the minimum criteria for a tighter UK policy is now met’,” said Ipek Ozkardeskaya, senior analyst, Swissquote Bank.
JD Sports Fashion (JD.L) gained 7.5% to hit a record high after Britain’s largest sportswear retailer reported record earnings for the first half on robust demand for sneakers and sportswear. read more
Portmeirion (PMGR.L) added 5.6% as the homewares retailer plans to resume dividend payouts this year after reporting record revenue.
Ocado Group fell 2.6% after its joint venture, Ocado Retail, posted a 10.6% fall in revenue in its latest quarter. read more
Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V and Saumyadeb Chakrabarty
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