U.K. Stocks Are Little Changed Near a Six-Week High
U.K. stocks were little changed near a six-week high before U.S. economic data that may show industrial production climbed last month.
Vedanta Resources Plc (VED) dropped 1.9 percent as Royal Bank of Canada recommended investors sell the shares. Rio Tinto Group gained 2 percent after the world’s second-largest mining company reported iron-ore output that topped analyst estimates. Kingfisher Plc (KGF) climbed 2.5 percent as Nomura Holdings Inc. upgraded the European general retail industry.
The benchmark FTSE 100 (UKX) Index added 1.75 points, or less than 0.1 percent, to 6,587.86 at 9:52 a.m. in London after earlier falling and rising by as much as 0.3 percent. The FTSE All-Share Index slipped less than 0.1 percent today, while Ireland’s ISEQ Index lost 0.4 percent.
“Investors are gearing up for a torrent of economic data together with testimony to U.S. Congress by Federal Reserve chief Ben Bernanke on Wednesday and Thursday,” said Ishaq Siddiqi, a market strategist at ETX Capital in London.
The volume of shares changing hands in FTSE 100-listed companies was 1.1 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.
U.S. industrial production advanced 0.3 percent in June after stagnating in May, according to the median economist estimate in a Bloomberg survey.
Eight companies in the Standard & Poor’s 500 Index (SPX) are scheduled to report earnings today, including Goldman Sachs Group Inc. and Johnson & Johnson.
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