Reuters: Hot Stocks: Britain's FTSE flat, weak miners prevent rally

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Britain's FTSE flat, weak miners prevent rally Aug 14th 2013, 10:15 Wed Aug 14, 2013 6:15am EDT * FTSE 100 index underpinned by encouraging UK, euro zone data * Miners fall after disappointing ENRC results * Flurry of ex-dividend shares hits index By Atul Prakash LONDON, Aug 14 (Reuters) - Britain's top share index was little changed on Wednesday, underpinned by strong economic data but held in check by a mining sector hit by an earnings miss, while several shares shed their dividend entitlement. Kazakh miner ENRC, down 2.8 percent, was the biggest faller on the FTSE 100 following a steeper than expected drop in first-half profit. Global peer Rio Tinto, down 2.3 percent, took the most points off the index after going ex-dividend. Other major firms that traded without their latest dividend were AstraZeneca, GKN, Anglo American, Diageo, Pearson, Royal Dutch Shell, Standard Chartered and Rexam. They fell between 0.9 and 1.8 percent. "ENRC's drop in core profits highlights the sector's challenges in the current environment," Tom Robertson, senior trader at Accendo Markets, said. "...The constituents are down between 25 to 80 percent from their recent highs, with continuing uncertainty about a likely cut in the Federal Reserve's stimulus hurting sentiment." The UK mining index fell 0.8 percent. The FTSE 100 was flat at 6,611.01 points by 0952 GMT, with volumes at 18 percent of its 90-day daily average. The market extended losses earlier after minutes of the Bank of England's August meeting showed policymakers were unexpectedly split on new governor Mark Carney's long-run commitment to keeping interest rates low. But they then pared losses on expectations the BoE will keep interest rates low for an extended period. The market got support from data showing stronger growth in Germany and France helped the euro zone to emerge from its longest recession in the second quarter, while a sharp fall in UK jobless benefit claims in July pointed to a strengthening labour market. "The UK labour market remains resilient and recent signs that the past recession is over seem to support further job creation," Annalisa Piazza, analyst at Newedge Strategy, said. The FTSE 100 is stuck in the middle of its recent trading range, where support has been seen at about 6,500 and resistance at around 6,680 - something analysts say could play out for the rest of the month. (Additional reporting by Tricia Wright; Editing by John Stonestreet) Link this Share this Digg this Email Reprints

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