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Britain's FTSE flat in early trade, ENRC slips
May 9, 2013 / 7:21 AM / 4 years ago

Britain's FTSE flat in early trade, ENRC slips

LONDON, May 9 (Reuters) - Britain’s top share index steadied on Thursday after hitting a 5-1/2-year high in the previous session, with investors pausing for breath and Wm Morrison and ENRC dropping following discouraging updates.

At 0714 GMT, the FTSE 100 index was flat at 6,582.42 points, a day after it climbed to its highest closing since November 2007 on some strong company earnings and robust Chinese trade data.

Britain’s No. 4 grocer, Wm Morrison Supermarkets, dropped 1.4 percent after saying quarterly underlying sales fell again, as its limited exposure to convenience stores and lack of an online food offer continued to hurt.

Kazakh mining group ENRC dropped 2.7 percent after saying its iron ore output was hit by unusually severe weather conditions in the first quarter that dented both mining and processing.

On the positive side, Experian rose 4.9 percent to top the gainers’ list after the world’s biggest credit data company reported a 7 percent rise in annual earnings and said it would buy back shares worth $500 million. (Reporting by Atul Prakash; Editing by Toni Vorobyova)

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