Reuters: Hot Stocks: Britain's FTSE rises, heads for first weekly rise since mid-May

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Britain's FTSE rises, heads for first weekly rise since mid-May Jun 28th 2013, 07:55 Tweet Share this Email Print Fri Jun 28, 2013 3:55am EDT * FTSE up 0.2 pct on day, 2.3 pct so far this week * On track for first monthly fall in 13 months * Goldman sees value in consumer staples after retreat By Toni Vorobyova LONDON, June 28 (Reuters) - Britain's top share index edged higher on Friday, heading for what should be its first week of gains since mid-May driven by more moderate rhetoric on stimulus from Federal Reserve officials. The gains, however, were not expected to prevent British blue chips from posting a monthly loss for the first time in over a year, breaking their longest run of monthly gains since mid-1990s. Bolstered by Fed reassurances, investors were on the lookout for bargains and the FTSE 100 was up 14.88 points, or 0.2 percent, at 6,258.28 points by 0732 GMT. That took its gains for the week so far to 2.3 percent. Two Fed officials said on Thursday the U.S. central bank would not be in a hurry to scale back equity-friendly stimulus unless the economy really picked up. "It seems pretty positive (for equities) ... There is a bit of focus on the words from the Fed to try and backtrack on what they've put out in the last few weeks and the data hasn't been superb, so (the stimulus pullback) ...may not begin at the end of the year," said Vinay Sharma, trader at Gekko Global Markets. "Clients started to get more heavily involved at the 6,000 level and (the FTSE 100) hasn't looked back since ... It's been no surprise to see people come in and buy the dips and see value and I wouldn't be surprised to see a bounce again on Monday." Chris Stevenson at Barclays Stockbrokers said clients who had taken profits at the height of the recent rally were moving back in. "Across the last 5 business days, which saw the FTSE 100 hit its lowest level since the beginning of January this year, on average 64 percent of daily trades have been purchases," he said. Industrial metals and miners - the worst performers so far this year - were the biggest gainers on the day. But more defensive consumer staples also did well. Unilever and Diageo both gained around 1 percent after Goldman Sachs added the two companies to its Conviction List, saying the recent market pullback had created "a rare and attractive opportunity to buy structural winners whose fundamentals remain intact". (Editing by John Stonestreet) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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