Reuters: Hot Stocks: UPDATE 1-Retailer Next best thing on FTSE as index hits 5-month high

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UPDATE 1-Retailer Next best thing on FTSE as index hits 5-month high Oct 30th 2013, 11:45 Share this Email Print Reprints Wed Oct 30, 2013 7:45am EDT * FTSE 100 gains 0.5 pct, up for fifth straight session * Next is top gainer after raises 2013 profit forecast * Barclays report helps banks rebound * Alpari targets FTSE's all-time high before year end (Adds quote, detail, updates prices) By Alistair Smout LONDON, Oct 30 (Reuters) - Britain's top shares rose to five-month highs on Wednesday, boosted by the retail sector as Next highlighted a good day for earnings with a strong quarterly report. Britain's second-biggest clothing retailer rose 4.2 percent after it edged up its 2013 profit guidance and third-quarter sales came in a touch above expectations. The sector outpaced all others on the FTSE 100 index, rising 1.9 percent. Banks also benefited from better earnings, up 0.6 percent , with Barclays advancing 3.2 percent after underlying pretax profits beat forecasts. Underpinning the broader market were expectations the U.S. Federal Reserve will maintain current levels of asset purchases when it announces the outcome of a two-day policy meeting after Wednesday's close. "Generally speaking our clients are favouring the banks, as they like the cyclical story," Matt Basi, head of sales trading at CMC Markets, said, although he was cautious over risks that remain in the sector, including the investigation into a forex market scandal which Barclays said it was co-operating with. "Barclays have written down a smaller amount than some were expecting... but I'm not quite sure what to make of potential bad news to come." Overall, financials were mixed, and insurer Standard Life was the top FTSE faller, down 3.7 percent after new business and asset growth for the third quarter fell short of forecasts Around 53 percent of companies on the pan-European STOXX 600 index that have reported so far have beaten or met market expectations with their results, Thomson Reuters Starmine data showed. The FTSE 100 was up 31.06 points, or 0.5 percent, at 6,805.79 points by 1123 GMT, notching up its fifth successive day of gains and hitting its highest levels since May. Craig Erlam, analyst at Alpari, was bullish on prospects for the FTSE 100 but said it could struggle to pass 6,838, a previous level of resistance, and then 6,875, the 2013 high. "Above here we have the all-time high of 6,950.60, a level I see the FTSE surpassing before the end of the year unless the Fed tapers (bond purchases) before then," he said. ($1 = 0.6228 British pounds) (Additional reporting by Tricia Wright; Editing by John Stonestreet) Link this Share this Digg this Email Reprints

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