Reuters: Hot Stocks: UK FTSE edges up after strong Reckitt, BHP updates

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UK FTSE edges up after strong Reckitt, BHP updates Oct 22nd 2013, 07:57 Tweet Share this Email Print Reprints Tue Oct 22, 2013 3:57am EDT * FTSE 100 up 0.2 pct * Reckitt, BHP lead gainers after strong updates * Strong non-farm payroll beat would trigger selloff - ETX's Priest By Francesco Canepa LONDON, Oct 22 (Reuters) - Britain's top share index rose for a ninth straight day on Tuesday, helped by strong updates from consumer goods maker Reckitt Benckiser and miner BHP Billiton. Gains were kept in check by caution before U.S. jobs data expected to offer clues on the strength of the recovery and thus on how long the Federal Reserve might maintain its equity-friendly stimulus programme. Due at 1230 GMT, non-farm payrolls are expected to have increased by 180,000 in September, a step up from August's gain of 169,000, according to a Reuters survey of economists. "This will give a good indication of whether (a reduction of monetary stimulus) is going to come forward or it is going to be pushed out even further," Mark Priest, a senior trader at ETX Capital, said. "If it's well over 180,000 I think the market will have an adverse reaction." The FTSE 100 index was up 0.2 percent at 6,664.06 at 0730 GMT, extending its longest winning streak since May and around 3 percent away from a 13-year peak hit that month. The FTSE has risen nearly 5 percent since Oct 9, leaving it trading at 12.4 times its components' expected earnings for the next 12 months, its highest multiple since 2010, Datastream data showed. Shares in Reckitt and BHP were the top gainers after the former reported a 5 percent increase in like-for-like quarterly revenue and the latter upgraded its iron ore production target. "It's kind of reassuring to see the bull run on equities has been pushed by something other than cheap money," ETX's Priest said. Morgan Stanley reiterated its "overweight" stance on BHP Billiton after what it describes as a "very solid" update. "A good start to production for FY2014 (fiscal year 2014) with an increase in iron ore production guidance...that should add around $0.5 billion in sales and close to 2 percent in EPS (earnings per share) to FY14e," the bank said in a note. (Reporting By Francesco Canepa; Editing by John Stonestreet) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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