U.K. Shares Advance Following Job Data, Supported by A Jump in Burberry
Jul, 12th 09:33
U.K. shares jumped on Wednesday, supported by gains in oil and gas and consumer-goods stocks as well as bullish sentiment coming after better-than-expected job data.
The U.K.’s benchmark FTSE 100 added more than 0.7 percent to trade at 7,383.76. Shares of Burberry Group PLC led the list off gainers, climbing 2.41 percent after the British luxury retailer posted retail revenue of 478 million pounds ($615.6 million) in the fiscal first quarter ended June 30. The reading marked a rise of 3% compared with the same period last year.
Meanwhile, data released by the Office for National Statistics showed that the jobless rate in the U.K. unexpectedly decreased in May. Indeed, the rate of unemployment was reported to fall to 4.5% in May, beating analysts’ forecast for an unchanged rate at a four-decade low of 4.6%.
The ONS also published data on the number of people claiming unemployment-related benefits that increased by a seasonally adjusted 6,000 in June. That was well below expectations that called for a gain of 10,000 people.
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