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FTSE 100: This morning’s risers and fallers

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UK stocks were trading lower on Thursday as the FTSE 100 paused for breath after settling near an eight-week high the previous session.

Mining stocks were bearing the brunt of the selling pressure in morning trade as investors took profits and scaled back their appetite for risk.

London’s Footsie was down 0.2% at 6,820 early on. The index closed at 6.,830.66 on Wednesday, its highest finish since 4 July (6,866.05).

Markets have risen in recent sessions as speculation grows that the European Central Bank (ECB) will introduce quantitative easing amid a continued worsening of economic data from the Eurozone.

However, German Finance Minister Wolfgang Schäuble said that comments from ECB president Mario Draghi about potential stimulus had been “over-interpreted”.

“European equities have edged lower as concern brews that traders have gotten ahead of the curve on ECB stimulus and fighting in Ukraine flares up again,” said Jonathan Sudaria, a dealer at Capital Spreads.

CSR soars, Xaar plummets

Wireless technology group CSR jumped on rumours that the firm is considering a sale. According to the Financial Times, the UK chipmaker has received takeover offers from a number of rival semiconductor manufacturers and could fetch a price of as much as $3bn, compared with Wednesday’s closing price of $1.57bn.

Xaar, the inkjet printing technology firm, saw shares sink after a weakening in third-quarter sales cast a further pall over already-disappointing interim results, with full-year expectations downgraded.

Mining stocks were providing a drag in morning trade with Rio Tinto, Antofagasta, Anglo American, BHP Billiton and Fresnillo registering losses.

Wm Morrison, which rose strongly on Wednesday after industry figures showed an improvement in sales at the UK supermarket, was extending gains as Deutsche Bank upgraded the stock to ‘buy’. Kantar data showed that sales at the Bradford-based chain rose 2.4% in the four weeks to 17 August, raising hopes over its recent price-cutting strategy and online launch.

Rival grocer Tesco was continuing to fall after the figures showed a continued decline in sales and market share, as competition from discount chains Aldi and Lidl continues to bite.

Oil and gas group Tullow was on the rise after announcing several successful drilling results from a series of exploration, appraisal and testing activities conducted in blocks 10BB and 13T onshore Kenya.

FTSE 100 – Risers
CRH (CRH) 1,427.00p +2.07%
Morrison (Wm) Supermarkets (MRW) 187.10p +1.46%
Tullow Oil (TLW) 731.50p +1.46%
Smith & Nephew (SN.) 1,061.00p +1.05%
British Land Co (BLND) 733.00p +0.96%
Diageo (DGE) 1,779.50p +0.94%
Hammerson (HMSO) 612.00p +0.91%
SSE (SSE) 1,518.00p +0.80%
National Grid (NG.) 895.50p +0.79%
ARM Holdings (ARM) 968.00p +0.78%

FTSE 100 – Fallers
Rio Tinto (RIO) 3,251.00p -2.53%
Anglo American (AAL) 1,530.50p -2.39%
Intertek Group (ITRK) 2,770.00p -2.26%
Sports Direct International (SPD) 721.50p -1.84%
Antofagasta (ANTO) 793.50p -1.79%
Hargreaves Lansdown (HL.) 1,155.00p -1.62%
Carnival (CCL) 2,252.00p -1.36%
BHP Billiton (BLT) 1,920.00p -1.31%
St James’s Place (STJ) 721.00p -1.23%
easyJet (EZJ) 1,355.00p -1.09%

Source: ShareCast

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