Reuters: Hot Stocks: Britain's FTSE holds firm, supported by earnings

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Britain's FTSE holds firm, supported by earnings Jul 26th 2013, 08:18 Fri Jul 26, 2013 4:18am EDT * FTSE 100 up 0.1 pct, but on track for weekly loss * Pearson leads the gainers, BSkyB lags * Technical outlook turning less upbeat By Toni Vorobyova LONDON, July 26 (Reuters) - Britain's FTSE 100 held firm on Friday, supported by a crop of broadly in-line results from the likes of publisher Pearson but lacking a strong enough catalyst to re-test recent seven-week highs. Pearson gained 5.3 percent after confirming its full year outlook. Miner Anglo American added 0.6 percent after posting a smaller than expected fall in profits and pledging steep cost cutting. Of the FTSE 100 companies who had reported second quarter earnings by Thursday's close, 60 percent beat or met expectations, compared to 50 percent of their euro zone peers in the EuroSTOXX 50, according to Thomson Reuters StarMine. "The numbers were decent-ish. It's a fairly reasonable display of risk appetite and any slightly bullish news is being interpreted as news to put more risk on the table," said Matt Basi, trader at CMC Markets. The British blue-chip index was up 4.15 points or 0.1 percent at 6,592.10 points by 0759 GMT. The FTSE's gains, though, were not enough to make up for a mixed performance in previous sessions, with the FTSE still on track to break a four-week long run of weekly gains after repeatedly failing to break through tough technical resistance around seven-week highs in the 6,660 area. "The risk now is that momentum is flagging and that we fall to the base of the recent consolidation zone and that the ultimate break is lower ... A break below 6.540 and especially 6,515 would be bearish," Mike van Dulken, head of research at Accendo Markets, said in a note. Adding to the downside, BSkyB fell 1.4 percent after the broadcaster announced a share buy-back size at the lower end of expectations. It forecast that the consumer environment will remain challenging and announced new investments which could dent next year's profit. "Although this (the investments) will come at a short-term cost to the business, it should enable the company to significantly strengthen its presence in the connected device, mobile content and on-demand markets ... However, the shares look fully valued in the short term, so we retain our 'hold'," Patrick Yau, analyst at Peel Hunt, said in a note. (Editing by Catherine Evans) Link this Share this Digg this Email Reprints

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