Reuters: Hot Stocks: UPDATE 1-UK's FTSE steadies near 3-week high, Tullow outperforms

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UPDATE 1-UK's FTSE steadies near 3-week high, Tullow outperforms Sep 6th 2013, 15:34 Fri Sep 6, 2013 11:34am EDT * FTSE up 0.1 pct, steadies near 3-week highs * Tullow Oil tops FTSE leaderboard after oil discovery LONDON, Sept 6 (Reuters) - Britain's main share index steadied near three-week highs on Friday, with Tullow Oil outperforming after an oil find, although worries over Syria's civil war curbed the market's gains. The blue-chip FTSE 100 index was up 0.1 percent, or 5.39 points, at 6,537.83 points in late session trading. Tullow Oil topped the FTSE 100's leaderboard with a 3.3 percent gain after striking oil off the Norwegian coast. In a volatile session, the FTSE dropped to trade as much as 0.6 percent lower after Bloomberg News said Russia would "assist" Syria in the case of an external attack. The index then pared those losses after Reuters reported Russia would "maintain current support" if Syria was attacked. Richard Buxton, head of UK equities at Old Mutual Global Investors, said that even though the FTSE 100 could suffer an "autumnal shiver" due to tensions over Syria, he felt more confident in the longer term over the index's prospects. The United States has threatened military strikes against Syria over its alleged use of chemical weapons, and U.S. President Barack Obama and Russia's President Vladimir Putin failed to reach an agreement over how to tackle the situation at the G20 political summit on Friday. Another issue of uncertainty for investors is how soon the U.S. Federal Reserve may scale back economic stimulus measures that have driven much of this year's equities rally. "No surprise if we see an autumnal shiver," said Buxton. However, he still advocated using days when the market fell to "buy on the dip" to add to equity positions, adding he felt the FTSE 100 could rise to 7,300 points by the end of 2014. "Use volatility to buy equities," said Buxton. Others were more cautious. Hartmann Capital trader Basil Petrides backed using sessions when the FTSE 100 rose to sell stocks for a profit, arguing that the market would lose ground in September. Petrides felt the FTSE could fall to the 6,250-6,300 point area this month. "I would be a seller of rallies at the moment. I still think September will be a corrective month," he said. (Reporting by Sudip Kar-Gupta; Editing by Ruth Pitchford) Link this Share this Digg this Email Reprints

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