FTSE 100 creeps higher with UK unemployment in almost half a century

FTSE 100 was little changed in early trade on Tuesday, as unemployment fell to its lowest level in 48 years. The blue-chip index was changing hands just 5 points higher at 7,478.

UK unemployment dropped to its lowest level in almost half a century in the three months to July.
The jobless rate decreased to 3.6% despite real wages declining 2.8% in the period.

Aldi just about overtook Morrisons for the first time as the UK’s fourth largest supermarket, with inflation continuing to bite. The German discounter had a market share of 9.3%.

Ocado Retail, the joint venture between Ocado Group and M&S, expects a reduction in sales this year following a downturn in trading in recent weeks as customers put fewer items in their baskets.

Onto the small caps…
DeepVerge has won a two-year, £2.4mln environmental monitoring and remediation contract to monitor carbon in salt marshes in Georgia and California. The project is described as ‘ground-breaking’ and a ‘world-first’ by the US firm in overall charge.

Pure Gold Mining said production in August set a new monthly record driven by ore throughput and improved grades, sending shares in the dual-listed miner soaring in Canada overnight. Guidance for the third quarter was also reaffirmed.

Faron Pharma said its Traumakine drug has shown early promise as a potential therapy for emergency and trauma patients, especially when given early on. A study showed lower levels of muscle and liver damage markers, indicating total body protection.

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