London pre-open: Stocks to nudge down as investors mull jobs data

(Sharecast News) - London stocks were set to nudge lower at the open on Tuesday as investors mulled the latest UK jobs data. The FTSE 100 was called to open down around five points.

Figures released earlier by the Office for National Statistics showed that the unemployment rate and wages grew in the three months to November.

The unemployment rate rose to 4.4% from 4.3%. Meanwhile, average earnings including bonuses grew 5.6% on an annual basis, up from 5.2% and in line with consensus forecasts.

Pay excluding bonuses was also up 5.6% from 5.2%, in line with expectations.

ONS director of economic statistics Liz McKeown said: "Pay growth picked up for a second consecutive period, again driven by strong increases in the private sector. Real pay growth, which excludes the effects of inflation, increased slightly.

"The number of employees on payroll, drawn from tax data, fell in the three months to November.

"Alongside this, the number of vacancies fell again, for the 30th consecutive period, although the total number remains slightly above its pre-pandemic level."

In corporate news, Premier Foods reported a 3.1% increase in group sales in a third quarter update, with branded sales rising by 4.6%, driven by volume-led growth and market share gains.

It said grocery branded sales grew by 3.5%, while 'sweet treats' saw an 8.9% increase and international sales surged by 29%, supported by strong performance in new categories such as Ambrosia porridge pots.

The company said it now expected full-year trading profit to be at the upper end of its previous guidance.

Tritax Big Box said it has acquired a 74-acre site near Heathrow within the Slough Availability Zone, for the development of a major data centre, targeting an initial 107 MW facility by 2027 with the potential to expand to 147 MW.

The company said it had entered into a joint venture with a renewable energy provider to accelerate power delivery, enabling faster project execution and unlocking a broader 1 GW pipeline of future data centre opportunities across the UK.

It said the project was expected to yield a 9.3% return on cost, with significant development profits anticipated, leveraging the site's prime location and strong market demand for data centre capacity.