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Date: Friday 07 Mar 2008

LONDON (ShareCast) - Gilts extended gains as the pound rose against the dollar after US government’s employment report came in weaker-than-expected.

Some 63,000 jobs were shed, compared with forecasts ahead of the figures of a 25,000 increase in employment. It is the largest monthly decline since March 2003 and follows a loss of 22,000 jobs in January.

Unemployment improved to 4.8% from 4.9% in January, but this reflected people leaving the workforce said economists.

The yield on the two-year gilt slumped 12 basis point to 3.76% while the ten-year rose 5 basis points to 4.34%. The US ten-year note slid 1 basis point to 3.57% but the shorter two-year note rose 6 points to 1.58%.