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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