London pre-open: Stocks seen lower after jobs data

London stocks were set to fall at the open on Tuesday as investors mull the latest UK jobs data.

The FTSE 100 was called to open 36 points lower at 6,690.

Figures released earlier by the Office for National Statistics showed the unemployment rate fell to 5% in the three months to January from 5.1% the month before, versus expectations of 5.2%.

ONS head of economic statistics Sam Beckett said: "After yet another monthly increase, there were almost 200,000 more employees on payroll in February than three months earlier, although that is still nearly 700,000 down from the start of the pandemic.

"Of the decrease since then, almost two-thirds has been among the under-25s, over half has been in hospitality, and almost a third has been in London.

"Today we have also published additional analysis of this tax data which shows only a relatively small fall in the number of non-UK national employees last year."

In corporate news, building materials business CRH said Jim Mintern will assume the role of finance director on June 1 after the retirement of Senan Murphy, the company said.

Mintern joined CRH in Ireland as finance director for Roadstone in 2002 and since then has held several senior positions across the group, including country manager for Ireland and managing director of each of the Western and Eastern regions of its Europe Materials business.

Cineworld Group said its US Regal theatres chain will reopen from Covid lockdown in April for the first time in six months, with a UK restart slated for May as it announced a screening deal with Warner Bros.

The phased reopening would start with a limited number of cinemas opening for screenings of "Godzilla vs. Kong" on April 2 before a wider rollout, with "Mortal Kombat" on April 16.

"We have long-awaited this moment when we can welcome audiences back to our Regal theatres and restore our essential role within the communities we serve," said chief executive Mooky Greidinger.