* FTSE 100 up 0.1 pct
* Miners higher, Fresnillo surges with precious metal prices
* Coca-Cola Hellenic drops after results
By Alistair Smout
LONDON, Feb 14 Basic materials shares helped
keep Britain's top equity index on track for a second weekly
gain on Friday, offsetting a fall in bottling firm Coca Cola
Hellenic following its results.
The index was up 1.4 percent for the week, rallying from
six-week lows at the beginning of February. It climbed above its
50-day moving average on Thursday, a technical signal which
suggested underlying support from buyers.
"We have managed to hold the December lows and, given the
buying levels on the weak market, we remain encouraged," said
Atif Latif, the director of trading at Guardian Stockbrokers.
"The FTSE still remains in an uptrend and we continue to see
the market pushing higher."
Basic materials added 5.9 points to the index and miners
gained 1 percent. Mining stocks are up 6.3 percent
this year, 4.3 percent of which has come in the last week.
Global strategists at Citi recommended investing in basic
materials shares with an emerging market exposure, highlighting
lower capital expenditure and improved cash flow generation.
Precious metals miner Fresnillo surged 5.3 percent
as gold posted its best week in six months, while other miners
were supported by a firmer copper price.
Anglo American fell 1.3 percent, however, reversing early
gains even after the company beat consensus with its 2013
operating profit and reported a profit at its platinum unit.
Issues specific to Anglo, such as rising net debt and
negative free cash flow this year, could weigh on the shares,
analysts at Jefferies said. They expect profit-taking on a stock
that is up over 16 percent already so far this year.
Overall, the FTSE 100 was up 7.03 points, up 0.1
percent, at 6,666.45 points by 1549 GMT.
Coca-Cola Hellenic was the top faller, down 2.2
percent as concerns over its growth outlook and the effects of
recent emerging market turmoil outweighed slightly better than
"Full year results are a touch better than we (and
consensus) had (estimated) ... with Q4 margins better than
expected," analysts at Credit Suisse wrote in a note, cutting
their target price to 1,500 pence from 1,790 pence.
"However market growth remains elusive and FX will take a
greater toll in 2014 - we lower our estimates by 13 percent."