Reuters: Hot Stocks: Britain's FTSE stalls at 5-month high

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Britain's FTSE stalls at 5-month high Oct 28th 2013, 16:20 Share this Email Print Reprints Mon Oct 28, 2013 12:20pm EDT * FTSE 100 steadies after hitting 5-month highs * Index just above 6,700, next resistance seen around 6,750 * Weather hurts airlines, insurers By Toni Vorobyova LONDON, Oct 28 (Reuters) - Britain's blue chip share index dipped on Monday after hitting a five-month high, stalling just above the key 6,700 points level as a mixed crop of earnings led to profit taking and bad weather curbed activity. Airlines were among those hit by profit taking, as a strong storm in Britain disrupted flights. Easyjet dropped 2.5 percent , while IAG fell 1.7 percent. Insurers were also hurt, with Aviva, Prudential and Resolution all off around 0.6 percent. "We've seen sellers of insurance companies, possibly the expected clean-up bill could be having an effect there," said Jordan Hiscott, trader at Gekko Global Markets, referring to the worst storm to hit Britain in a decade as hurricane-strength winds battered parts of the country. "We also have large sellers in Easyjet, mainly from leveraged accounts," he said. For the broader market, the weather meant reduced activity as many people were unable to get into work. Less than an hour before the close, volumes on the FTSE 100 were just 53 percent of the 90-day daily average, compared to 68 percent on the euro zone EuroSTOXX 50. On the flip side, though, the storm damage could prove a boon for the likes of temporary energy provider Aggreko , which led Monday's gainers. It jumped 4.6 percent after it said it expected underlying revenues and margins to be ahead of the prior year both in the second half and on a full-year basis. In addition to potential business from the adverse weather conditions, traders said Aggreko's broadly in-line figures had prompted a squeeze higher in the stock as people took off "short" bets on future falls in the share price. The FTSE 100 was down 2.12 points at 6,719.22 points by 1559 GMT, showing some signs of running out of steam after rising in 11 of the past 12 sessions and scaling a five-month intra-day high of 6,739.66 points. "It's been extremely strong for weeks," said Clive Lambert, technical analyst at FutureTechs. "It's too early to bet against the recent rise ... but if you look at historical charts we are getting close to massive resistance. "The FTSE has got a lot of challenges immediately above it which is something to be wary of," he added, noting the 6,750 area which served as a peak in 2007 prior to a sharp downward correction. (Editing by Susan Fenton) Link this Share this Digg this Email Reprints

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