LONDON MARKETS: FTSE 100 Gains As SABMiller Rises; Pound Up Ahead Of Jobs Data

By Carla Mozee, MarketWatch

U.K. stocks rose Wednesday, with shares of brewer SABMiller PLC among those moving higher following financial results.

Meanwhile, the pound (GBPUSD) advanced before the release of monthly jobs data and the Bank of England's quarterly inflation update. Sterling trading at $1.5692, compared with $1.5673 late Tuesday.

If Bank of England Governor Mark Carney "repeats that inflation will reach 2% in the two-year forecast and the next move in rates will most likely be an increase, investors could bring forward their rate-hike expectations and [the pound] could strengthen somewhat," said Marshall Gittler, head of global currency strategy at IronFX Global Ltd., in a note.

The FTSE 100 picked up 0.2% to 6,947.12, with gains for mining, consumer-goods and industrial shares. The London benchmark on Tuesday fell 1.4% (http://www.marketwatch.com/story/ftse-100-under-pressure-with-easyjet-sliding-2015-05-12), its biggest decline since late March.

SABMiller shares tacked on 1.6% as the maker of Miller Genuine Draft, Peroni and other brands said annual net producer revenue came in at $26.29 billion, up 5% from the year-earlier period (http://www.marketwatch.com/story/sabmiller-annual-profit-dips-on-currency-weakness-2015-05-13), generally in line with analysts' expectations. Profit, however, dipped to $3.30 billion on currency weakness against the dollar.

Barratt Developments PLC climbed 2.9% as the home builder said it expects housing completions for the full year to be ahead of previous guidance (http://www.marketwatch.com/story/barratt-sees-housing-completions-to-top-guidance-2015-05-13).

Mondi PLC zoomed to the top of the FTSE 100, charging up 8% after the packaging and paper company posted a 29% rise in underlying operating profit (http://www.marketwatch.com/story/mondi-underlying-operating-profit-rises-2015-05-13) to 236 million euros ($295 million) during the quarter ended March 31.

Decliners included Admiral PLC , with shares down 1.9%. The insurer said Chief Executive Henry Engelhardt will step down next year after 24 years in the role. Chief Operating Officer David Stevens will succeed Engelhardt.

The U.K.'s monthly jobs and wages report will be released at 9:30 a.m. in London, or 4:30 a.m. Eastern Time, by the Office for National Statistics. Then, the Bank of England will release its quarterly inflation report at 10:30 a.m. London time.

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