The UK benchmark index has climbed marginally higher in today’s trading, staying in positive territory following a better-than-expected jobs report on the other side of the Atlantic. In individual movers, GKN (LON:GKN) is outperforming the broader UK market after announcing that it had agreed a deal with Dana about its automotive business.
FTSE 100 stays up
As of 14:28 GMT, the Footsie had added 14.03 points to stand 0.19 percent higher at 7,217.27. The Footsie has stayed in positive territory following the release of the non-farm payrolls report in the US which showed that the world’s biggest economy had added 313,000 new jobs last month, overshooting analyst expectations. The nation’s unemployment rate meanwhile held steady at 4.1 percent, in line with forecasts. Wage growth, however, slowed last month.
“The massive 313,000 increase in non-farm payrolls in February, the biggest in 18 months, together with the 54,000 upward revision to gains in the preceding two months, illustrates that the economy is doing much better than the recent incoming activity data have suggested,” said Paul Ashworth, chief US economist at Capital, as quoted by the Guardian. “This is more evidence that the Fed will need to hike four times this year, starting later this month.”
GKN gains ground
In individual blue-chip movers, GKN has added 1.09 percent so far today after the company disclosed that that had reached an agreement to combine its Driveline business with US-based Dana, aid its ongoing takeover battle with Melrose Industries (LON:MRO). The proposed transaction values GKN Driveline at a total enterprise value of $6.1 billion (£4.4 billion).
The FTSE 100 index was 0.22 percent up at 7,218.81 points as of 14;48 GMT on Friday, 09 March 2018.