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March domestic pay growth slows - survey
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De La Rue hits record low on profit warning
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Petrofac slumps on wider annual loss forecast
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FTSE 100 up 0.5%, FTSE 250 up 0.3%
(Adds comment; updates prices, details to close)
By Shristi Achar A and Johann M Cherian
April 12 (Reuters) - London's FTSE 100 closed higher on
Wednesday for the fourth straight session, supported by
healthcare and energy stocks as signs of cooling inflation in
the U.S., the world's largest economy, boosted investor
sentiment.
The blue-chip FTSE 100 ended 0.5%, holding on to one
month highs, though it had pared some earlier gains. The
mid-cap FTSE 250 closed 0.3% higher.
Pharmaceutical companies surged 1.1% and
energy heavyweights BP Plc and Shell Plc rose
0.5% and 0.6%, respectively tracking strength in crude oil
prices. Global stocks rallied after data showing a moderation in
U.S. headline inflation in March spurred hopes that the Federal
Reserve may soon pause its monetary tightening. But analysts pointed to still sticky core inflation, and
said the Fed was likely to deliver another 25 basis point rate
hike in May.
"The data painted a mixed picture in terms of the
deflationary story and headline inflation obviously was lower,"
said Stuart Cole, head macro economist at Equiti Capital
"The disappointing feature was that the core monthly figure
is still incompatible with the Fed's 2% inflation target."
The pound climbed against the U.S. dollar hitting shares of some export-focused companies in the FTSE 100. The FTSE 100 has been on a positive streak, helped by
commodity stocks and defensives, such as pharmaceuticals,
despite concerns over a potential U.S. recession.
Among other major movers, Petrofac Ltd slumped 13.2% after the company said it expected to report a wider operating loss.
De La Rue Plc plunged 19.0% and hit a record low after the banknote printer said it expects full-year profit to be below market expectations. West Africa-focused oil producer Tullow Oil slid 6.0% on Jefferies' downgrade to "underperform" from "hold." Meanwhile, a survey showed the sharp pace of pay growth in Britain showed signs of slowing in March, and a shortage of candidates eased for the first time in two years. (Reporting by Shristi Achar A and Johann M Cherian in Bengaluru; Editing by Savio D'Souza, Janane Venkatraman and Jane Merriman)
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