Reuters: Hot Stocks: Britain's FTSE stumbles against resistance, techs ease

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Britain's FTSE stumbles against resistance, techs ease Jul 19th 2013, 11:25 Fri Jul 19, 2013 7:25am EDT * FTSE 100 down 0.1 pct * Weak U.S. tech earnings dampen sentiment * Miners reverse losses after China interest rate reform news * Technical charts point to near-term correction By Toni Vorobyova LONDON, July 19 (Reuters) - British shares edged lower on Friday, with the FTSE 100 lacking the momentum to break through technical resistance as disappointing U.S. earnings weighed on technology stocks. Mining shares reversed early losses though after top metals consumer China announced long-awaited interest rate reforms. The technology sector fared the worst, down 2.1 percent as sentiment on chipmaker ARM among others soured after Microsoft < MSFT.O> profits missed estimates and Google reported a drop in advertising prices. The FTSE 100 was down 9.70 points, or 0.2 percent at 6,624.66 points by 1115 GMT. "I am not surprised to see a bit of profit taking after the U.S. earnings last night. It makes sense, with a bit weaker corporate stuff from the States and the chance to take some profit into the weekend on the long equity positions which have done quite well," said Adam Seagrave, trader at Saxo Bank. The retreat came as the British blue-chip index - which was still on track to post a fourth consecutive weekly gain - ran into technical resistance around 1-1/2 month highs. "The FTSE has run into a resistance band between 6,657.38 and 6,674.51 ... Given widespread intraday divergence and daily momentum divergence, a minor corrective dip cannot be ruled out," said Ed Blake, technical strategist at Informa Global Markets, adding that this week's lows around 6,517.38-6,555.38 should offer support. Losses on the index, though, were limited after China announced it was scrapping the previous floor on the rates that banks charge clients for loans. The news helped miners - who rely on demand from China - reverse earlier losses, with Randgold Resources up 1.9 percent . (Editing by Susan Fenton) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions