Reuters: Hot Stocks: UK FTSE holds around 5-yr high ahead of options expiry

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UK FTSE holds around 5-yr high ahead of options expiry Mar 15th 2013, 08:13 LONDON, March 15 | Fri Mar 15, 2013 4:13am EDT LONDON, March 15 (Reuters) - Britain's top share index opened flat on Friday, holding around five-year highs, with trading likely to be choppy ahead of options and futures expiries later in the session. The FTSE 100 was down 2.35 points at 6,527.06 by 0807 GMT, pegged back by a retreat from banks, having risen 0.7 percent on Thursday after better-than-expected U.S. weekly jobless claims data. The index was on course to post its fifth consecutive week of gains, although trade could be volatile on Friday ahead of triple-witching expiries at 1015 GMT. "(It's) quarterly expiry in the UK today and all shorts have thrown in the towel or are about to," said Lex van Dam, hedge fund manager at Hampstead Capital, which manages around $500 million assets. "The question is, at what point will large institutional investors such as pension funds be forced to buy as well?" (Reporting by Tricia Wright; Editing by Francesco Canepa)

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