Reuters: Hot Stocks: Energy stocks put pressure FTSE as oil price falls

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Energy stocks put pressure FTSE as oil price falls Aug 30th 2013, 11:17 Fri Aug 30, 2013 7:17am EDT * FTSE 100 down 0.4 percent * Energy shares main drag as oil falls on Syria * Telecoms remain buoyant after Vodafone, Verizon talks By Tricia Wright LONDON, Aug 30 (Reuters) - British stocks fell on Friday, pressured by heavyweight energy shares as the price of oil fell after Britain's parliament rejected the idea of taking part in any U.S.-led military action against Syria. Energy shares fell, knocking around 11 points off the FTSE 100, as worries that imminent strikes against Syria would hurt supply eased after Britain said no to intervention, but the continued threat of a strike subdued equity markets. The UK benchmark was down 25.62 points, or 0.4 percent, at 6,457.43 points by 1043 GMT, retreating after Thursday's 0.8 percent rise. It looked to be heading for a 2.5 percent drop in August, a month in which investors have been anxious over diminished U.S. stimulus as well as the situation in Syria. "Investors appear a little cautious ahead of the weekend given that the (Syria situation) could escalate rapidly," said Craig Erlam, market analyst at Alpari. While the index is finding support at 6,445, Erlam reckoned it could push through this level, with further support being found at 6,424. Below that, he said 6,400 is a major support and he would be very surprised to see this broken. Among brighter spots, telecoms added around 7 points to the index, remaining buoyant after Vodafone confirmed on Thursday it was in talks to sell its stake in its U.S. joint venture with Verizon. (Additional reporting by David Brett; editing by Stephen Nisbet) Link this Share this Digg this Email Reprints

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