Reuters: Hot Stocks: Britain's FTSE extends rally as miners lead technical bounce

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Britain's FTSE extends rally as miners lead technical bounce Jun 14th 2013, 07:09 LONDON, June 14 | Fri Jun 14, 2013 3:09am EDT LONDON, June 14 (Reuters) - Britain's top share index rose early on Friday as miners led a technical rally after bullish economic data in the U.S. helped cool fears that the economy would struggle if central banks withdrew stimulus. Miners rose 1.7 percent, as the FTSE climbed 20.80 points higher, or 0.3 percent, at 6,325.43. The index has fallen near 8 percent since mid-May on worries the Federal Reserve might scale back their stimulus programme before the economic recovery had stabilised. "The FTSE bounced off the 6200 level (on Thursday), which was expected and was not far off the 200 day support line. Good economic data and performance in the U.S. lifted the gloom," Jawaid Afsar, sales trader at SecurEquity said. Thursday's data showing upbeat U.S. retail sales and a drop in jobless claims triggered short covering and prompted some investors to start picking up battered stocks but Afsar warned more volatility and further falls could not be ruled out ahead of the meeting of the Federal Reserve next week. The FTSE 100, however, rose early on Friday having rebounded from 6200 and a test of April lows. 1-month growth shows a trendline of falling highs from 28/29 May broken, but 3-month shows a trendline of old support-turned-resistance around 6,350 as a hurdle that must be overcome. (Reporting by David Brett; Editing by Alistair Smout) Link this Share this Digg this Email Reprints

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