FTSE 100 stocks draw back from morning gains

London's top 100 stocks retreated from solid morning gains. By 13:00 BST the FTSE 100 index traded near yesterday's closing levels. In early afternoon trading the FTSE 100 index stood at 5,559, up 0.07 per cent from Monday's close of 5,556 but down substantially from the mid-morning peak - 5,594.

Chris Bradshaw
shareprices.com - Tuesday, October 05, 2010

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Trading today has been a lacklustre reaching a turnover level that is only around 20% of the 90 day average turnover. Defensive stocks provided most of the support in a mixed day for stocks.

On the losing side is Inmarsat, continuing its losing streak with another 4.5 per cent drop. Investors are concerned after it emerged that US hedge fund Harbinger Capital Partners sold a 14.1 per cent stake in the satellite communications company. Inmarsat entered afternoon trading at 627.00p.

Also underperforming is Tesco. The grocery company reversed gains made earlier in the day, seeing a drop of 0.38 per cent by early afternoon. A number of mining stocks are also not performing well, including Kazakhmys down 2.18 per cent, Eurasian Natural Resources 1.48 per cent and Antofagasta down 0.9 per cent. However Fresnillo is continuing upwards, seeing a gain of 1.9 per cent through today's trading session.

Mid-cap stocks however held on to morning gains, seeing 10,612 by 13:25 BST. Computacenter is the top performer for the day, up 4.67 per cent. Investec Securities upgraded the company from "hold" to "buy". In contrast Premier Foods moved down by 4.13 per cent.

 

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