FTSE 100 Watch: Footsie Slips but Stays on Track for Weekly Gain

on Jul 19, 2013
Updated: Oct 17, 2019
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iNVEZZ.com (London); Friday, July 19th: The Footsie has declined today, losing momentum after leading US tech companies reported disappointing earnings. However, Britain’s blue-chip index still remains on track for a weekly advance after closing at the highest level in seven weeks on Thursday.

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**Footsie off Seven-Week Peak**
The FTSE 100 was 0.36 percent down at 6,610.66 as of 11:49 BST. The Footsie closed at its highest level since May 30 yesterday, after it found support in upbeat economic data in the UK and the US as well as strong earnings reports from US banks.
“With volumes fairly light and no major economic releases today, we expect UK markets to be a touch softer heading into the weekend,” noted Mark Ward, head of trading at Sanlam Securities, as quoted by Reuters.

“Whilst the US banks’ numbers have been generally strong, the rest cannot be said for other sectors,” Ward added. “Last night, both eBay and Intel fell after disappointing forecasts.” In addition, Microsoft and Google posted earnings overnight, which fell short of analysts’ expectations.
Despite today’s decline, Britain’s blue-chip index remains on track for a weekly gain. The Footsie has benefitted this week from comments by the US Federal Reserve Chairman Ben Bernanke who said on Wednesday that there was no preset course for the central bank’s asset purchases, tempering speculation that the Fed is planning to scale back its stimulus.

**FTSE Winners and Losers**
UK chip designer ARM Holdings Plc (LON:ARM) has been among the Footsie decliners today with shares down 2.28 percent at 900.00p as of 12:25 BST. Mining companies have also declined, with silver miner Fresnillo Holdings Plc (LON:FRES) dropping 0.78 percent to 1,023.00p. Anglo American Plc (LON:AAL) fell more than one percent in morning trading after the miner reported mixed production results yesterday. (Anglo American Share Price Falls on Mixed Q2 Output Results – https://invezz.com/news/equities/4149-anglo-american-share-price-falls-on-mixed-q2-output-results).

One of the top Footsie performers today has been drinks business Diageo Plc (LON:DGE) which rose 0.72 percent to 2,039.50p as of 12:32 BST with JPMorgan Chase & Co upgrading the stock from a “neutral” to an “overweight” rating. Vodafone Group Plc (LON:VOD) added 0.68 percent to 192.65p after issuing a trading update in line with expectations.

Energy stocks have found support in George Osborne’s commitment to establish the world’s most generous tax regime for shale gas production income. (Osborne Unveils World’s “Most Generous” Tax Regime for Shale Gas – https://invezz.com/news/commodities/4152-osborne-unveils-worlds-most-generous-tax-regime-for-shale-gas).
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SSE Plc (LON:SSE) added 0.74 percent to 1,633.00p whereas BG Group Plc (LON:BG) rose 0.64 percent to 1,205.14p. Centrica Plc (LON:CNA), which is among the companies exploring for shale gas in northwest England, declined 0.18 percent to 380.70p.
**The FTSE 100 was 0.40 percent down at 6,607.94 as of 13:41 BST on 19 July 2013.**
To contact the reporters on this story: Tsveta Zikolova in Sofia at [email protected].
To contact the editor responsible for this story: [email protected].

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