# FTSE 100 rises on peak rate bets; Smurfit Kappa slumps on WestRock deal
Published: 2023-09-12
Category: Headlines
Category URL: https://business.express/category/headlines/
Meta Title: FTSE 100 Rises on Peak Rate Bets
Meta Description: Stay updated on UK's FTSE 100 index trends. Bank of England nearing end of interest rate hike cycle. Smurfit Kappa shares decline in WestRock deal.
URL: https://business.express/ftse-100-rises-on-peak-rate-bets-smurfit-kappa-slumps-on-westrock-deal/

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsmfaw001wwirgq3ggueqg/images/2023-09-12t073604z1lynxmpej8b067rtroptp4britain-stocks-1737027153438-compressed.jpg)

(Reuters) – UK’s FTSE 100 index inched higher on Tuesday after labour data signalled that the Bank of England might be nearing the end of its interest rate hike cycle, although a slump in packaging producer Smurfit Kappa’s shares capped gains.

The exporter-heavy FTSE 100 index was up 0.1% in early trade, while the mid-cap FTSE 250 index was muted.

Britain’s unemployment rate rose to 4.3% in the three months to July from 4.2% a month earlier, while wages excluding bonuses were 7.8% higher than a year earlier and in line with economists’ forecasts in a Reuters poll.

The sterling edged lower against the dollar after the unemployment data.

Shares of Associated British Foods rose 0.9%, among the top gainers on the benchmark index, after the Primark owner raised its full-year profit outlook for the second time in four months.

London-listed shares of Smurfit Kappa slumped 11% after the company agreed to combine with WestRock, to create one of the world’s largest paper and packaging producers worth nearly $20 billion.

(Reporting by Siddarth S in Bengaluru; Editing by Rashmi Aich)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---