UK’s main stock index edged up on Tuesday as weakness in the sterling supported some internationally-focused consumer firms, although Vodafone slumped after it forecast a big drop in fresh cash flow.
The telecom giant’s stock fell 4% to become the top decliner on the FTSE 100 after the company announced job cuts and forecast a 1.5 billion euro ($1.65 billion) decline in free cash flow this year.
However, the blue-chip FTSE 100 rose 0.2% and the mid-cap FTSE 250 added 0.1%.
The pound slipped after data showed UK unemployment unexpectedly rose in the first quarter, fuelling hopes of a pause in the Bank of England’s rate hike cycle.
The currency’s weakness lifted shares of dollar earners like Unilever Plc and British American Tobacco Plc.
UK’s FTSE 100 rises as energy, healthcare stocks shine, though ends week lower
Industrial metals miners slipped 0.2%, tracking easing copper prices on investor worries of patchy economic recovery in top consumer China.
Boohoo Group Plc jumped 11.8% after the retailer said it expects an improved performance in its new financial year.
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