Reuters: Hot Stocks: UK stocks edge up on final full session of 2012

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UK stocks edge up on final full session of 2012 Dec 28th 2012, 09:05 Fri Dec 28, 2012 4:05am EST * FTSE 100 add 0.1 percent ahead of U.S. budget talks * U.S. President to meet congressional leaders on Friday * Miners, energy stocks higher as commodity prices rise By Jon Hopkins LONDON, Dec 28 (Reuters) - Britain's top shares edged higher on the final full trading session of 2012, lifted by expectations that a last-chance round of U.S. budget talks will succeed. U.S. President Barack Obama and lawmakers are set for final negotiations before a New Year's Day deadline to reach a deal and avoid major tax hikes and spending cuts that could drag the economy into recession. Obama and Vice President Joe Biden will meet congressional leaders from both parties at the White House on Friday at 2000 GMT. Heavyweight miners and energy stocks led the FTSE 100 gainers, accounting for around two-thirds of the index's advance, as copper prices and Brent crude rose on expectations that a resolution of the "fiscal cliff" that the United States is facing will ease concerns about weakening demand for commodities. "Heading into the final days of the year, traders are seeking some value and are picking up UK mining shares owing to the hit they have taken recently on protracted U.S. budget talks," Ishaq Siddiqi, market strategist at ETX Capital said. "Furthermore, hopes for a regaining strength of the Chinese economy in 2013 builds a favourable case for UK mining shares - traders are taking advantage as a result," Siddiqi added. Mid-cap miner Lonmin, however, missed out on the sector gains, losing 0.4 percent after it said Ian Farmer had stepped down as its chief executive officer after a serious illness. CFO Simon Scott will continue as Lonmin's acting CEO but the firm said Scott had requested that he should not be considered as a candidate for the role permanently. At 0842 GMT, the FTSE 100 index was up 7.98 points, or 0.1 percent at 5,962.98. The UK blue-chip index closed almost flat on Thursday after negative comments on the budget from a top U.S. lawmaker sparked an early sell-off in New York, although U.S. blue-chips had pared their losses by the close. "The market is holding key levels around 5,750/,6000 on the FTSE. Should these levels hold on the downside then we see the market discounting bad news and having a strong finish into the end of 2012," said Atif Latif, director of trading for Guardian Stockbrokers. Early volume in London was very thin, at just 2.0 percent of its 90-day daily average. Yesterday's session saw the thinnest full day of trading on the FTSE this year, with volume at a mere 340.7 million shares. Banks also pushed higher as investors sought exposure to more risk-sensitive sectors on expectations that a resolution of the U.S. budget impasse could lead to a strong rally in stocks at the year-end. Royal Bank of Scotland gained 0.5 percent. The bank said on Thursday that it had secured the dismissal of a lawsuit by South Korea's Woori Bank over losses from mortgage-related investments. Insurance stocks, however, were weaker, with motor insurer Admiral Group the top blue-chip faller, down 1.9 percent. (Additional reporting by Alistair Smout; Editing by Erica Billingham) Link this Share this Digg this Email Reprints

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