MW:U.K. stocks choppy; miners rise, oil firms drop
By Preeti Upadhyaya, MarketWatch
LONDON (MarketWatch) — The U.K. index struggled to find direction on Thursday, as miners rose but oil firms and banks weighed on stocks.
The FTSE 100 UK:UKX -0.22% fell 0.1% to 5,825.42.
Miners led the benchmark following comments by Chinese Premier Wen Jiabao on Wednesday that he sees more scope to ease monetary policy as inflation wanes.
Vedanta Resources PLC UK:VED +1.52% added 1.6% and Kazakhmys PLC UK:KAZ +1.82% rose 2%. Anglo American PLC UK:AAL +1.11% rose 1.3% and BHP Billiton PLC UK:BLT +0.88% BHP -1.04% edged up 0.8%.
Polymetal International PLC UK:POLY +1.49% added 1.1% and Randgold Resources Ltd. UK:RRS +1.22% was up 0.9%.
Metals prices were mixed.
Steel firm Evraz PLC UK:EVR +1.83% climbed 2.1%.
Moving in the opposite direction, oil major BG Group PLC UK:BG -1.29% slipped 1.3% after Morgan Stanley downgraded it to equalweight from overweight, according to Dow Jones Newswires.
Royal Dutch Shell PLC UK:RDSB -0.66% RDS.B +0.38% shed 0.6% and BP PLC UK:BP -0.27% BP +0.62% eased 0.2%.
Oil prices were slightly lower.
On the data front in the U.K., the Office for National Statistics said retail sales for July rose 0.3% on the month and increased 2.8% compared to the same month last year. See: U.K. July retail sales up; no impact from Olympics.
Standard Chartered PLC UK:STAN -1.02% fell 0.8% and Vodafone Group PLC UK:VOD -1.30% VOD -1.13% slipped 1.2%.
Among other notable losers, insurance firm Admiral Group PLC UK:ADM -2.12% lost 1.7% and cruise-ship operator Carnival PLC UK:CCL -1.69% CCL -0.91% was off 1.6%.
Preeti Upadhyaya is a MarketWatch reporter, based in London.