Reuters: Hot Stocks: UK's FTSE steadies near 3-week high, Tullow outperforms

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UK's FTSE steadies near 3-week high, Tullow outperforms Sep 6th 2013, 11:08 Fri Sep 6, 2013 7:08am EDT * FTSE 100 off 0.1 percent at 6,525.71 * U.S. jobs report due at 1230 GMT * Tullow Oil rises after making discovery By Sudip Kar-Gupta LONDON, Sept 6 (Reuters) - Britain's top share index steadied near three-week highs, with Tullow Oil outperforming after an oil find, although many investors were trimming positions pending pivotal U.S data later on Friday. The blue-chip FTSE 100 index slipped by 0.1 percent, or 6.73 points, to 6,525.71 points in mid-session trade. Volumes were below-average, with many traders trimming positions ahead of the publication of U.S non-farm payroll numbers at 1230 GMT. Volumes on the FTSE 100 stood at just 20 percent of their usual 90-day average amount. Tullow Oil rose 2.4 percent to head the FTSE's leaderboard, after striking oil with a well drilled off the coast of Norway. "For the FTSE 100, it looks as if the recovery above 6,500 has provided a floor upon which further gains can be built," said IG analyst Chris Beauchamp. The FTSE 100 has risen 11 percent since the start of 2013, and major world equity markets have risen this year partly due to economic stimulus measures from the U.S. Federal Reserve. However, the Fed is expected to start scaling back its $85 billion per month bond-buying program as the U.S. economic recovery gathers pace, and the jobs data at 1230 GMT may give fresh clues on timing. Forecasts in a Reuters poll centre on a 180,000 rise in payrolls last month after 162,000 in July, according to a Reuters survey of economists. The unemployment rate is seen steady at a 4-1/2-year low of 7.4 percent. "It's going to be an important data release as the Fed has identified the level of employment as a key indicator for its monetary policy decisions and when to start tapering," said Robert Parkes, equity strategist at HSBC Securities. "A much stronger than expected number might not be taken very well by the market," he added. (Additional reporting by Atul Prakash; Editing by Ruth Pitchford) Link this Share this Digg this Email Reprints

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