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UK's FTSE flat on good company news vs dire data
Published in Saudi Press Agency on 02 - 11 - 2006


The FTSE 100 closed little changed
on Thursday as positive company news and results offset mostly
negative U.S. and European economic figures signaling the
potential for interest rates to rise, according to Reuters.
The index outperformed both Germany's DAX and France's CAC
40, which ended down about 1 percent on expectations the
European Central Bank will raise interest rates again next
month.
Worries over the U.S. economy also increased after U.S.
government data showed business productivity had unexpectedly
delivered no growth in the third quarter and that unit labour
costs, an inflation measure, rose more than expected.
The FTSE 100 closed down 0.3 points at 6,149.3.
Traders said the focus would be on the October U.S. non-farm
payrolls report due on Friday for more clues about the direction
of Federal Reserve interest rates.
"This was very much a day where people were going to sit on
their hands if they possibly could and wait for tomorrow's
payroll results," said Neil Parker, a market strategist at the
Royal Bank of Scotland.
"It will set the direction for the interest rate markets,
and as a consequence there will be a knock-on effect on the
equity markets," he added.
Heightened concerns over a U.S. economic slowdown meant that
banking stocks suffered. Barclays was down 0.9 percent, and
Royal Bank of Scotland lost 0.8 percent.
Pharmaceuticals were the standout gainers, benefiting from a
report that showed global sales rose 5 percent in the 12 months
to August. GlaxoSmithKline was up 1.5 percent, gaining from a JP
Morgan upgrade. AstraZeneca tacked on 1.5 percent.
Power generator British Energy climbed 4.3 percent, with
traders citing a report in the Financial Times that the
International Energy Agency would urge governments next week to
help speed up the construction of new nuclear power plants.
"It's good news for British Energy. We'll probably see them
back up to 470 pence before they pause for breath; they've been
oversold," a trader said.
Consumer goods giant Unilever topped the FTSE 100
leaderboard, up 4.6 percent after it reported a rise in
third-quarter sales, at the high end of analysts' estimates, and
said a share buyback programme of 1.5 billion euros was planned
to start in 2007.
Pub group Enterprise Inns ticked up 1 percent amid heavy
volumes with traders citing a feel-good factor from a
better-than-expected result from mid-cap rival JD Wetherspoon.
"I think it's directly related to the Wetherspoon like for
likes," a trader said.
FTSE 250 member Wetherspoon was up 4.2 percent after
reporting a 9 percent jump in first-quarter sales, including a
5.2 percent rise in like-for-like sales in Scotland following a
smoking ban. Punch Taverns was up 2.2 percent.
With weak copper prices recovering slightly from earlier
losses, mining stocks featured among the downside. Antofagasta
was down 1.3 percent and BHP Billiton down 0.9 percent.
Xstrata also fell 0.9 percent after it completed the
acquisition of Canadian miner Falconbridge.
U.S. crude oil prices continued to slip down to $58 a barrel
amid ample U.S. fuel stocks and the restart of two Nigerian oil
installations shut down last week after an attack by local
villagers.
BP was steady and Royal Dutch Shell slipped 0.3 percent.
Other stocks that featured on the downside, included Smith &
Nephew falling 4.2 percent, after it said it had held
preliminary talks over a tie-up with U.S. rival Biomet Inc. as
it met forecasts for third-quarter earnings.
Among other midcaps, food equipment maker Enodis jumped 6.7
percent on bid speculation. Stove maker AGA Foodservice Group
later said Enodis had rejected its approaches but that it was
continuing to seek further discussions. AGA closed up 0.1
percent.


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