London midday: UK stocks rise, but gains trimmed as investors await US jobs data

7th Nov 2014 11:43

UK stocks gained on Friday after Eurozone stimulus hopes and upbeat economic data pushed Wall Street indices to more record highs, but gains were pared slightly by lunchtime as investors waited for the all-important US jobs report.The FTSE 100 was up 0.5% at 6,587 by midday, having touched an intraday high of 6,608.23 earlier on with mining stocks in the lead as commodity prices rose. The index rose to 6,551.15 on Thursday, it's highest close since 6 October.The Dow Jones and S&P 500 indices notched all-time highs for the second straight session on Thursday after US productivity and jobless-claims figures came in better than expected. ADP employment data earlier in the week also beat forecasts, suggesting upside risks to the official government report later on.The hotly-anticipated US employment report, due out at 13:30 on Friday, is expected to show that non-farm payrolls increased by 232,000 in October, after a 248,000 gain in September. The unemployment rate is forecast to have held steady at 5.9%.Market strategist Daniel Sugarman from ETX Capital said that markets are looking for a further indication that the US economy is continuing to recovery, especially after the Federal Reserve last week exited its quantitative easing programme."While no-one's hurrying to stand in front of a 'mission accomplished' banner just yet, the general feeling is that the US economy is strengthening significantly, and markets will be hoping that the payroll numbers confirm this view," he said.Investors were also continuing to digest comments made on Thursday by European Central Bank president Mario Draghi who said that risks to the Eurozone economy are skewed to the downside and policymakers were unanimous in their commitment to using unconventional measures to help maintain price stability.In economic data on Friday, the UK balance of trade worsened last month as the strong pound, weakness in the Eurozone and UK economic imbalances took their toll. The seasonally-adjusted deficit on trade in goods and services was estimated to have been £2.8bn in September 2014, compared with £1.8bn in August 2014, according to the Office for National Statistics.Mining stocks surge, Experian continues to riseRising metal prices pushed stocks in the resources sectors higher in London with Fresnillo, Anglo American, Glencore, BHP Billiton and Rio Tinto among the best performers on the FTSE 100.Experian was continuing to advance after a well-received first-half report on Thursday in which it said earnings per share rose 6%. Canaccord Genuity upgraded its rating for the credit-checking firm from 'sell' to 'hold' on Friday, while Credit Suisse and Deutsche Bank retained their positive ratings.Airline conglomerate IAG advanced after pledging to launch a dividend payment to shareholders in 2015 after saying it was confident of hitting its targets for the year. IAG also said group traffic measured in revenue passenger kilometres increased 7.5% versus October 2013.Utility group National Grid also rose after saying it is on track to deliver another year of strong overall returns and dividend growth after a solid first half, with profits rising by 16%.Fever-Tree was a high riser on the upmarket tonic water maker's first day of dealings on AIM on Friday after stronger-than-expected demand for its initial public offering. The stock had jumped to a high of 174.50p in morning trade, over a third higher than the offer price of 130p.However, insurance firm Admiral was in the red after blaming a competitive market for a fall in profits at its price-comparison website Confused.com in the second half. Market MoverstechMARK 2,800.44 +0.18%FTSE 100 6,586.52 +0.54%FTSE 250 15,516.02 +0.01%FTSE 100 - RisersExperian (EXPN) 1,030.00p +3.05%IMI (IMI) 1,228.00p +2.93%Fresnillo (FRES) 720.00p +2.93%Anglo American (AAL) 1,359.00p +2.26%Glencore (GLEN) 326.00p +2.19%BHP Billiton (BLT) 1,662.50p +2.12%Royal Dutch Shell 'B' (RDSB) 2,317.00p +2.03%Royal Mail (RMG) 461.30p +1.99%Royal Dutch Shell 'A' (RDSA) 2,221.50p +1.97%Intertek Group (ITRK) 2,738.00p +1.90%FTSE 100 - FallersRSA Insurance Group (RSA) 450.30p -2.13%Standard Chartered (STAN) 943.80p -1.69%Admiral Group (ADM) 1,238.00p -1.67%Royal Bank of Scotland Group (RBS) 375.60p -1.34%ARM Holdings (ARM) 878.50p -1.29%Morrison (Wm) Supermarkets (MRW) 170.40p -1.22%Persimmon (PSN) 1,420.00p -1.18%Tullow Oil (TLW) 503.00p -0.89%Barclays (BARC) 234.55p -0.76%Aberdeen Asset Management (ADN) 444.00p -0.72%FTSE 250 - RisersTed Baker (TED) 2,100.00p +7.64%Supergroup (SGP) 880.50p +7.51%Spire Healthcare Group (SPI) 319.30p +6.68%Stock Spirits Group (STCK) 239.10p +6.27%Afren (AFR) 77.20p +5.97%Pets at Home Group (PETS) 203.40p +5.17%Lonmin (LMI) 183.00p +5.11%Croda International (CRDA) 2,359.00p +4.57%Morgan Advanced Materials (MGAM) 295.20p +3.33%SSP Group (SSPG) 248.00p +3.33%FTSE 250 - FallersTullett Prebon (TLPR) 266.10p -5.27%Rentokil Initial (RTO) 116.50p -4.59%Jardine Lloyd Thompson Group (JLT) 829.50p -4.49%Bovis Homes Group (BVS) 810.50p -3.91%Saga (SAGA) 155.00p -3.73%Computacenter (CCC) 602.00p -3.29%Interserve (IRV) 611.50p -3.24%Bwin.party Digital Entertainment (BPTY) 99.25p -3.17%Bellway (BWY) 1,677.00p -2.16%Berkeley Group Holdings (The) (BKG) 2,202.00p -1.92%