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London Markets: FTSE 100 marches higher as U.K. labor data pare pound’s rise

British blue-chips extended gains Wednesday, finding some relief as the pound came off session highs after data showed Britons’ pay is being squeezed by higher consumer prices.

The FTSE 100 UKX, +0.51% was up 0.5% at 7,539.86, building on modest gains after opening in the red. All sectors were printing gains in afternoon trade.

The benchmark strengthened while the pound GBPUSD, +0.3842% pared gains following the U.K.’s employment report. The unemployment rate in the three months to April remained at 4.6%, the lowest since mid-1975. But average wages adjusted for inflation fell on the year by 0.6%.

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