Reuters: Hot Stocks: Britain's FTSE retreats, pegged back by miners

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Britain's FTSE retreats, pegged back by miners Oct 25th 2013, 07:51 Share this Email Print Reprints Fri Oct 25, 2013 3:51am EDT * FTSE 100 down 0.1 percent * Miners weaken on China demand fears * Technical charts indicate rally set to resume By Tricia Wright LONDON, Oct 25 (Reuters) - Britain's top shares slipped on Friday as the mining sector fell on concerns over demand from top metals consumer China, taking the benchmark index off multi-month highs hit earlier this week. Miners shed 0.6 percent as investors locked in profits on recent strong gains, with persistent worries over tighter cash markets in China dogging the sector. "A bit of a credit crunch... and I think that's why we'll see a bit of softness in markets this morning," CMC Markets senior market analyst Michael Hewson said. "Tighter credit conditions in China could well impact economic growth and by definition could impact (demand)." The FTSE 100 was down 3.12 points, or 0.1 percent, at 6,710.06 points by 0737 GMT, having closed up 0.6 percent at 6,713.18 points on Thursday, a five-month closing high. The blue chip index, which has risen some 14 percent in 2013 helped by monetary stimulus from global central banks, is just 2.4 percent off the 13-year peak scaled in May. Analysts say that while the index might encounter some near-term consolidation, technical charts showed scope for continued gains over the coming weeks. Valerie Gastaldy, head of technical analysis firm Day By Day, noted that the FTSE 100 is slowly breaking out of a consolidation pattern that has August and September peaks as its upper levels. "It should quietly move back to its all-time high (6,950.60) by the end of November or so," she said. (Reporting by Tricia Wright) Link this Share this Digg this Email Reprints

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