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London open: Stocks nudge higher ahead of jobs data
Stocks in London nudged higher in early trade following losses in the previous session, as investors awaited the release of some key jobs data.
At 0825 BST, the FTSE 100 index was up 0.2% to 6,678.92.
At the same time, oil prices rebounded from heavy losses on Tuesday. West Texas Intermediate was up 0.8% to $45.24 a barrel while Brent crude was up 0.5% at $47.33.
On the data calendar, the UK unemployment rate, average weekly earnings and the claimant count are at 0930 BST.
CMC Markets‘ Michael Hewson said: “Today’s economic data could well add further grist to the mill with respect to any potential damage that this summer’s Brexit vote has done to the UK economy with the release of the latest unemployment and wages data for July and August.
“So far none of the dire predictions of doom and gloom have come to pass with respect to the UK economy with economists now almost tripping over themselves in their haste to revise upwards their dire predictions in the wake of the recent rebound in UK economic data.”
In corporate news, construction group Galliford Try was in the black as it hoisted its dividend 21% after posting a record annual profit thanks to strong growth at its housebuilding and regeneration units.
Elsewhere, Compass Group gained ground after JPMorgan Cazenove upgraded the stock to ‘overweight’ from ‘neutral’.
Telecommunications company Sky nudged a touch lower after saying it has invested £1m in the Drone Racing League (DRL), which includes a distribution deal to show the league on the Sports Mix channel from October.
FTSE 250 homeware retailer Dunelm was little changed after reporting a rise in full-year profit and revenue as it grew its market share despite increasing competition, and lifted its dividend.
