Reuters: Hot Stocks: UK's FTSE recovers from 10-week lows, miners lag

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UK's FTSE recovers from 10-week lows, miners lag Apr 18th 2013, 08:31 Thu Apr 18, 2013 4:31am EDT * FTSE 100 up 0.3 pct after sharp fall on Wed * GlaxoSmithKline rises after FDA panel boost * Mining stocks weaken as copper price falls further By Sudip Kar-Gupta LONDON, April 18 (Reuters) - Britain's benchmark share index edged up from 10-week lows on Thursday, boosted by some bargain hunting, but mining stocks lagged after another fall in the price of copper. The blue-chip FTSE 100 was up 0.3 percent, or 19.51 points at 6,264.72 points by 0813 GMT. It stabilised after falling 1 percent on Wednesday to its lowest close since early February - a level where some traders saw value in the market again. Healthcare stock GlaxoSmithKline jumped 2.7 percent to add the most points to the FTSE 100, after an advisory panel to the U.S. Food & Drug Administration (FDA) backed a treatment for smoking-related lung damage made by GlaxoSmithKline and Theravance Inc. "There are some excellent buying opportunities but the overall bias is turning to the downside," said Hartmann Capital trader Basil Petrides, adding that he had bought some mining stocks in light of the sector's recent snap. He said he would also look to buy oil major BP, which was flat at 440.70 pence, if it fell to 430 pence. Others, however, were more cautious. "I wouldn't be buying anything here. I'd rather be sitting on the fence. It doesn't look too healthy," said Kyri Kangellaris, managing director of EGR Broking. Kangellaris said the FTSE could fall to the 6,000-point level "quite quickly" if any more selloffs pushed it below the 6,200 mark. Mining stocks dominated the FTSE 100's loser board. Eurasian fell 5.5 percent while the FTSE 350 Mining Index declined by 0.3 percent as mining companies were hit by a fresh drop in the price of copper. The metal fell by up to 4 percent on Thursday on worries about the global economy and the fall in commodity prices generally. (Editing by Susan Fenton) Link this Share this Digg this Email Reprints

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