London pre-open: Stocks seen flat as investors mull jobs data
By Michele Maatouk
Date: Tuesday 18 Feb 2025
(Sharecast News) - London stocks were set for a flat open on Tuesday following gains in the previous session, as investors mulled the latest UK jobs data.
The FTSE 100 was called to open unchanged at 8,768.
Figures released earlier by the Office for National Statistics showed that the unemployment rate was steady in the three months to December at 4.4%, versus expectations for it tick up to 4.5%.
The data also showed that average earnings including bonuses rose by 6% on the year, up from 5.5% in November. Excluding bonuses, wages grew 5.9%, up from 5.6%.
Liz McKeown, director of economic statistics at the ONS said, said: "Growth in pay, excluding bonuses, rose for a third consecutive time, with increases in both the private and public sector."
In corporate news, Anglo American said it was selling its nickel business to Singapore's MMG for up to $500m.
The unit comprises two ferronickel operations in Brazil and two greenfield growth projects.
The purchase comprises $350m in cash at completion; the potential for up to $100m in a price-linked earnout and $50m linked to the final investment decision for the development projects.
InterContinental Hotels Group reported a 3% increase in global revenue per available room (RevPAR) for 2024, with strong growth in the Americas and EMEAA offsetting a decline in Greater China, while total gross revenue rose 6% to $33.4bn.
The FTSE 100 hotel company announced a $900m share buyback programme as part of its strategy to return surplus capital to shareholders.
Additionally, IHG said it had acquired the Ruby brand for $116m, expanding its portfolio with a premium urban lifestyle concept that it aims to grow globally.
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