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FTSE edges down 0.1 pct around midday; miners weigh
Published in Saudi Press Agency on 09 - 10 - 2009


Britain's top shares were down 0.1
percent around midday on Friday, with falls in mining stocks
just outweighing modest gains in oil majors and drugmakers
during a largely directionless session, Reuters reported.
At 1053 GMT, the benchmark FTSE 100 was 6.62 points lower at
5,148.02, in a see-saw session in which it opened slightly
higher before slipping back by mid-morning.
Mining firms were on the backfoot, pressured by falling
metals and gold prices, as a strengthening U.S. dollar made
commodities more expensive for investors. Antofagasta, Eurasian
Natural Resources, Lonmin and Xstrata lost between 2.1 and 2.9
percent.
The dollar rose after Federal Reserve Chairman Ben Bernanke
indicated an exit strategy from quantitative easing and low
interest rates as the economy improves.
"The index has so far traded in a 40 point range, with
traders struggling to find any meaningful direction. Once again
schizophrenic mining stocks are influencing sentiment," said
David Jones, chief market strategist at IG Index.
Banks were lower with falls in Lloyds Banking Group and
Royal Bank of Scotland, down 0.9 and 1.1 percent, respectively,
outpacing gains in HSBC, which rose 0.4 percent. Barclays was
flat.
Pressure remained on Lloyds Banking Group and RBS as the
Financial Times said the British government is to start
examining their loan pricing mechanisms, suspecting that they
are pricing loans to small and medium-sized businesses at levels
which are unaffordable for most smaller institutions.
Mobile telecommunications firm Vodafone extended falls from
previous sessions, down 1 percent, on concerns over a price war
among Indian mobile telephone firms.
Defence firms BAE Systems and Cobham fell 2.7 and 0.4
percent, respectively.
On the upside, oil majors were stronger as crude prices
stayed above $71 a barrel. BG Group, Royal Dutch Shell and Cairn
Energy added 0.1 to 1 percent.
The Canadian and Alberta governments have promised C$865
million ($823 million) to help Royal Dutch Shell develop carbon
capture and storage at its oil sands processing plant, as they
seek to meet goals to cut emissions and curb global warming.
Pharmaceuticals extended recent gains with AstraZeneca and
GlaxoSmithKline adding 0.4 and 0.5 percent, respectively, while
Shire, which missed out on Thursday's rally, added 0.1 percent.
Whitbread rose 2.2 percent helped by upbeat third-quarter
results from U.S. peer Marriott International and a
recommendation upgrade by Barclays Capital to "overweight" from
"underweight".
Within the travel and leisure sector, Intercontinental
Hotels, Carnival and Compass Group rose 0.8 to 2 percent.
On the data front, British factory gate inflation
unexpectedly turned positive for the first time in five months,
with non-seasonally adjusted output prices up 0.5 percent in
September, taking the annual rate of inflation to 0.4 percent.


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