Reuters: Hot Stocks: Strong earnings moderate pullback in Britain's FTSE 100

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Strong earnings moderate pullback in Britain's FTSE 100 Apr 30th 2013, 10:52 Tue Apr 30, 2013 6:52am EDT * FTSE 100 dips 0.1 percent * Most sectors see pullback after good week * Caution sets in ahead of the week's central bank meetings * Lloyds and BP top movers after good earnings By Alistair Smout LONDON, April 30 (Reuters) - Britain's benchmark share index edged lower on Tuesday as traders booked profits ahead of major central bank meetings this week, though the market gleaned support from upbeat earnings reports from BP and Lloyds . Financial and energy stocks were among few positive sectors in the index, combinining to add 18 points to the FTSE 100 . However, while euro zone-exposed Lloyds and Royal Bank of Scotland were among the top gainers, most sectors weighed on the index as investors took profits on recent gains. "Gains in banks shows that there is some risk appetite, however investors would like to remain cautious ahead of interest-rate decisions from U.S. Federal Reserve and the ECB," Myrto Sokou, analyst at Sucden Financial Private Clients, said. "Investors will look to those meetings for direction for equities. So in the meantime people are locking in gains, and it makes absolute sense to see some consolidation." The FTSE 100 last week scored its biggest five-day gain since the first week of the year, carrying it to within 1 percent of five-year highs hit at the beginning of March. Miners eased off the most, in line with commodity prices. The sector shaved 8 points off the index and fell 1.6 percent after a run-up that had seen it add 3.7 percent over the last five days. Weakness in the miners led the the FTSE down 9.09 points, or 0.1 percent, at 6,448.93 by 1027 GMT. A small pullback affected most sectors, with Centrica the top faller outside the miners, down 2.7 percent after a downgrade from Credit Suisse to "underperform" from "neutral". "Our 2013-16 earnings per share estimates are now around 3 to 9 percent below consensus," analysts at Credit Suisse said in a note. "We would short-sell Centrica on a three-month view." Solid results from leading UK companies supported the market. Lloyds gained 4.3 percent after underlying profit trebled to 1.48 billion pounds ($2.3 billion). Fellow state-backed Royal Bank of Scotland rose 5.4 percent. According to Thomson Reuters Starmine data, 80 percent of companies who have reported first-quarter results in the FTSE 100 index have beaten or met expectations. In the energy sector, oil major BP continued that trend with forecast-beating first-quarter profits, sending its shares up 3.6 percent. (Additional reporting by David Brett; Editing by David Holmes) Link this Share this Digg this Email Reprints

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