Rate worries cap gains in FTSE 100, Vodafone up on earnings beat

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(For a Businesshala Live blog on the US, UK and European stock markets, click/ or type live/ in a news window)

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* FTSE 100 up 0.1%, FTSE 250 flat

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November 16 (Businesshala) – London’s FTSE 100 rose on Tuesday, driven by strong results from telecom giant Vodafone and spirits maker Diageo, following strong jobs data on concerns about a hike in interest rates.

The blue-chip FTSE 100 index was up 0.1%. Vodafone jumped 3.9% to top the index after raising its forecast for this year’s free cash flow and reporting a 6.5% increase in adjusted core earnings in the first half.

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Data shows British employers added 160,000 workers to their payrolls in October, the first month since the end of the UK furlough scheme, and the unemployment rate fell more than expected in the third quarter, cementing hopes of a rate hike in December. did.

Bank of England Governor Andrew Bailey said on Monday he was “very uncomfortable” about the inflation outlook.

Sterling gained strength, weighing in on dollar earners such as British American Tobacco, Reckitt Benckiser and Unilever.

Johnnie Walker whiskey maker Diageo added 2.2% after setting higher medium-term growth targets, offsetting losses from other export-oriented stocks.

The domestically focused midcap index remained flat.

The UK’s largest commercial property firm Land Securities Group added 1.4% after reporting a swing to half-year profit as it recovers from the pandemic that battered its key central London-focused office portfolio. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shaunak Dasgupta)

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