Connect to share and comment

UK stocks edge further above 6,100 resistance

Thomson ReutersEnlarge
(/GlobalPost)

LONDON, Jan 11 (Reuters) - Britain's top share index edged further above the 6,100 resistance level in early trade on Friday, supported by overnight gains on Wall Street on heightened optimism over global growth prospects.

At 0814 GMT, the FTSE 100 index was up 6.44 points, or 0.1 percent at 6,107.95, having closed above the 6,100 level for the first time since May 22 2008 on Thursday after a 0.1 percent gain.

U.S. blue chips ended 0.6 percent higher on Thursday, having been flat at London's close, but Asian stock markets were lower Friday after data showed a pick-up in Chinese inflation, although underlying sentiment remained supported by Thursday's upbeat China trade data.

Firmer energy stocks provided the main support for the UK blue chips early on, although this was countered by weakness in heavyweight miners as the China inflation data proved a drag, with the country the world's top consumer of metals.

Tullow Oil was the biggest FTSE 100 faller, down 3.1 percent, as Europe's biggest independent oil and gas company issued a mixed trading statement, saying it would write off $219 million dollars for dry holes and licence relinquishments in the second-half results. (Reporting by Jon Hopkins, editing by Tricia Wright)

http://www.globalpost.com/dispatch/news/thomson-reuters/130111/uk-stocks-edge-further-above-6100-resistance