Reuters
Published Sep 29, 2009 07:07AM ET
Updated Sep 29, 2009 07:18AM ET
* Energy, miners down as commodity prices fall * Life insurers boosted by M&A chatter, banks stronger
* Property companies fall as Credit Suisse downgrades
By David Brett
LONDON, Sept 29 (Reuters) - Britain's leading share index was 0.4 percent weaker in mid-session trade on Tuesday, with weakness in commodity stocks outweighing gains in financials as investors booked profit after recent gains.
By 1146 GMT the FTSE 100 <.FTSE> was 20.91 points lower at 5144.79, after closing 83.50 points higher on Monday at 5,165.70.
However the FTSE was still up 16.3 percent this year, having soared 49 percent since touching a six-year trough in March.
Energy and mining stocks dragged the index lower as economic uncertainty weighed on investor sentiment on the demand outlook for raw materials.
BP
Miners were weighed by weaker metal prices. Rio Tinto
"There's a degree of profit taking with many investors quick to cash in after yesterday's gains, but the underlying market sentiment remains positive," said Howard Wheeldon, strategist at BGC Partners. "It leaves us asking the question of if, not when, the correction is coming."
MIXED DATA
A mixed bag of data also helped keep the FTSE in the red
after figures showed a sharp widening in Britain's current
account deficit and a decline in consumer credit but a surprise
increase in mortgage lending.
Meanwhile, retail sales rose unexpectedly in September and stores were optimistic sales would continue to grow in October, industry data showed. [ID:nLT537159]
Across the Atlantic, stock index futures fell ahead of September U.S. consumer confidence numbers due later together with the July Case/Shiller house prices report.
Futures for Dow Jones industrial average DJc1 , the S&P 500 SPc1 and the Nasdaq Composite NDc1 were off 0.1-0.5 percent.
Property stocks were the heaviest losers among British blue
chips, with Hammerson
Financials were the strongest performers with banks mostly
higher after French bank BNP Paribas
Barclays
Life insurers were in demand, with investors buoyed by takeover talk.
Legal & General
The speculation saw Aviva
Compass
Written By: Reuters
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