30th Dec 2013 10:55
LONDON (Alliance News) - UK equities are trading mixed Monday amid a dearth of directional indicators, with few leads from economic or corporate news. Trading volumes continue to be light with just two days to go before the New Year.
By mid-morning, the FTSE 100 is down 0.1% at 6,742.6, as it retraces some of its recent gains. However, the UK's primary index is still more than 85 points higher than it was at the start of this month as it looks set to close December higher for the eleventh year in a row. The FTSE 250 is up 0.1% at 15,891.59, while the AIM All-Share is up 0.7% at 846.91.
With no UK macro-economic data releases scheduled Monday, volumes are likely to remain thin as investors are forced to look elsewhere for guidance.
In Italy, business confidence has improved further in December, but to a lesser extent than expected by economists. The confidence indicator for the manufacturing sector increased to 98.2 in December, from 98 in November and 97.3 in October, statistical office Istat said. Economists had forecast the index to rise to 99 in December.
Meanwhile, Italian producer prices decreased for the ninth successive month in November. The industrial producer price index decreased 1.8% annually in November, after falling 2% in October.
Back in the UK, housing data released earlier revealed that the average asking price for a house in the UK was up 0.5% in December compared to the previous month, having gained 0.5% in November. Property tracking website Hometrack said that house prices climbed 4.4% on a yearly basis.
At the individual UK stock level, the UK government could complete the privatisation of Lloyds Banking Group in 2014 with the sale of its remaining 33% holding, The Telegraph newspaper reported. The government could sell its stake, currently valued at GBP18.4 billion, through a combination of institutional sales and a retail offering to the public, The Telegraph said. Lloyds shares are currently quoted down 0.8%.
Vedanta Resources, up 2.3%, is amongst the leading gainers in the FTSE 250. The mining company's subsidiary, Sesa Sterlite Ltd., has resumed mining activities at its Karnataka mine, after receiving permission from the Honorable Supreme Court.
AIM-listed Max Petroleum, off 12%, is one of the index's biggest fallers. Despite recording successful drilling results of an appraisal well in Sagiz West Field, the oil and gas exploration company is a big loser. The group reported lower revenue, production levels and widened its losses in the first-half of the year from a year before. Its loss for the six months to September 30 widened to USD5.0 million, compared with USD3.6 million a year earlier.
Still to come in the data calendar Monday, US pending home sales figures are released at 1500 GMT, ahead of the Dallas Federal Reserve's manufacturing business index at 1530 GMT.
By James Kemp; [email protected]; @jamespkemp
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