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* FTSE 100 down 0.2 percent
* Decent earnings provide support as index hits resistance
* Rolls Royce top faller after Deutsche downgrade
By Alistair Smout
LONDON, July 26 Britain's FTSE 100 looked set
for its first weekly fall in more than a month on Friday,
faltering at resistance levels but receiving support from a
spate of good earnings reports.
While Pearson and Anglo American gained 6.9
percent and 1.5 percent after confirming or exceeding
predictions for full-year outlooks, the FTSE stalled
around the 6,600 level, which it has struggled to sustain a
break through in recent weeks.
Of the FTSE 100 companies who had reported second quarter
earnings by Thursday's close, 60 percent beat or met
expectations, compared to 50 percent of their euro zone peers in
the EuroSTOXX 50, according to Thomson Reuters StarMine.
"Decent earnings have been factored in to a certain degree,
and the FTSE 100 is finding little in the way of momentum to the
upside," Manoj Ladwa, head of trading at TJM Partners, said.
"We've had a good run, bouncing from 6,000 to 6,600, and
it's running out of steam now. I can't see a huge amount of
upside from equities in the near term."
The British blue-chip index was down 12.68 points, or 0.2
percent at 6,575.27 points by 1029 GMT.
The FTSE was still on track to break a four-week long run of
weekly gains after repeatedly failing to break through tough
technical resistance around seven-week highs in the 6,660 area.
David Furcajg, technical analyst at 3rdwaveconsult, said an
upward trend which started in 2011 would remain in place for as
long as the 200-day moving average kept rising, but that we
could see further near term falls.
"Over the short-run ... a consolidation towards 6,374 is the
most likely scenario," he said.
Top faller was Rolls Royce, down 3.6 percent to
retrace most of Thursday's post-earnings surge. While the
company announced a 34 percent rise in profit, analysts at
Deutsche Bank saw the company's cost control as disappointing,
and downgraded the stock to "sell" from "hold".
Adding to the downside, BSkyB fell 1.4 percent after
the broadcaster announced a share buy-back size at the lower end
of expectations. It forecast the consumer environment will
remain challenging and announced new investments which could
dent next year's profit.
(Additional reporting by Toni Vorobyova; Editing by Catherine