Reuters: Hot Stocks: Britain's FTSE ticks higher as Fed eyed

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Britain's FTSE ticks higher as Fed eyed Dec 12th 2012, 08:10 Wed Dec 12, 2012 3:10am EST LONDON Dec 12 (Reuters} - Britain's top share index ticked higher on Wednesday, underpinned by expectations for more stimulus measures from the Federal Reserve and hints of some progress on U.S. budget talks. The U.S. central bank is expected to extend its purchases of mortgage-backed debt and replace another expiring stimulus program with a new bout of money creation following the Fed's latest FOMC meeting on Wednesday. And negotiations to avert about $600 billion in spending cuts and tax rises ahead of a year-end deadline intensified as President Barack Obama and U.S. House of Representatives Speaker John Boehner spoke by phone on Tuesday after exchanging new proposals. Miners led the blue chip gainers, supported by a firmer copper price on hopes of further stimulus in the U.S. and signs of a revival of economic growth in China, the top consumer of metals. Anglo American topped the FTSE 100 gainers, ahead by 1.9 percent as it was lifted by a Barclays upgrade to "equal-weight". At 0807 GMT, the FTSE 100 index was up 3.63 points, or 0.1 percent at 5,928.60. The UK blue chip index closed 0.1 percent higher on Tuesday at its highest closing level in nine months, although a late sell-off brought the index back below key technical resistance at 5,932 - a September intraday high. Ex-dividend factors clipped 1.70 points off the FTSE 100 index on Wednesday following adjustments by market makers, with Babcock International, Polymetal, and Wolseley all trading without entitlement to their latest dividend payout. (Reporting by Jon Hopkins; Editing by Sudip Kar-Gupta) Link this Share this Digg this Email Reprints

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