London stocks waver after hot labour market data

London stocks struggled for direction on Tuesday as investors digested the British labour market data that showed wages grew stronger-than-expected, while a basket of mixed corporate updates kept investor mood in check. The benchmark index FTSE 100 and the midcap FTSE 250 index edged higher by 0.1% as of 7:16 GMT.

London stocks struggled for direction on Tuesday as investors digested the British labour market data that showed wages grew stronger-than-expected, while a basket of mixed corporate updates kept investor mood in check.

The benchmark index FTSE 100 and the midcap FTSE 250 index edged higher by 0.1% as of 7:16 GMT. British wages excluding bonuses - in the sights of the Bank of England as it considers when to cut interest rates - grew by a stronger-than-expected 6% in the first three months of 2024 compared with the same period a year earlier.

Still, money markets see a 50-50 chance of a June rate cut. In company news, Anglo American gained 0.5% after investors in both companies said BHP Group is likely to sweeten its $43 billion takeover offer for the second time.

Currys rose 6.5% to the top of FTSE 250 after the electricals retailer raised its annual profit forecast. Vodafone was the top gainer on FTSE 100 with a 3.3% jump after the telecom operator met market forecasts for the year to end-March.

Flutter was the biggest drag on the benchmark index after the world's largest online betting company reported its first quarter results. It was down 2.7%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)