LSE: FTSE 100 index steady, US data in focus

Most European stocks were on the rise on Wednesday, lifted by German shares, and Britains FTSE 100 index swung between gains and losses after a report showed growth in British house prices slowed for a third straight month, albeit marking the biggest annual rise in four years. Market players eyed upcoming employment data from the US, as well as factory orders.

Britains blue-chip index stood at 6 662.50 points at 8:26 GMT, up 0.15% on the day, having shifted in a daily range between 6 663.80 and 6 638.50 points. The index rose by 0.52%, or 54.24 points, on Tuesday to settle at 6 652.61 points. It fell 2.2% in the first quarter.

A report by mortgage lender Nationwide showed early on Wednesday that gains in British house prices eased for a third month in March. The Nationwide HPI (Housing Price Index) slid to 0.4% in March from an upward revised 0.7% in February, defying projections for a jump to 0.8%. Year-on-year, prices jumped by an annualized 9.5% last month from 9.4% in February, the biggest annual rise in almost four years. Economists had expected a 9.6% rise.

Investors awaited the upcoming release of US employment numbers by payroll processor Automatic Data Processing, Inc later in the day for preliminary information ahead of Fridays all-important non-farm payrolls and unemployment rate. ADP is expected to report the US economy created 195 000 jobs in March, compared to 139 000 in the previous month.

Also due later in the day are US factory orders. The Commerce Department is projected to report a 1.2% jump in orders following two straight months of contraction after extraordinary harsh winter weather in the US slowed down economic activity.

Market players also eyed the upcoming ECB policy meeting, due on Thursday.

Gainers, losers

The FTSE 100s top three gainers for the day are AMEC Plc, Sports Direct Intl Plc and Fresnillo Plc.

AMEC Plc jumped by 2.52%, or 29.50 pence, to 1 200.50 pence by 8:11 GMT, while Fresnillo was up 2.66%, or 22.50 pence, at 868.50 pence. Sports Direct rose by 2.63%, or 23.50 pence, to 916.00 pence.

BHP Billiton Plc rose by 1.24%, or 23.25 pence, to 1 905.25 pence by 8:17 GMT. The worlds biggest miner said its Cerro Colorado mine was unaffected by the quake that hit northern Chile.

The chief executive of Chiles Collahuasi copper mine, led by Glencore Xstrata and Anglo American as a joint venture, said there were no problems caused by the earthquake. Both companies rose.

Miners continued to draw support amid expectations for monetary easing in China after recent downbeat data points, which fueled concern the worlds second biggest economy might miss its annual growth target. Premier Li Keqiang reassured investors last week that Beijing was ready to safeguard its economic growth target and increase spending in infrastructure, which has the potential to lift prices of raw materials and boost the region’s stock market.

The FTSE 100s top three losers for the day are Resolution Ltd, Pearson Plc and Reckitt Benckiser Group Plc.

Resolution lost 3.26%, or 9.90 pence, to trade at 293.80 pence at 8:22 GMT, while Pearson Plc was down 2.73%, or 28.50 pence, at 1 015.50 pence. Both companies will go ex-dividend on Wednesday.

Reckitt Benckiser Group fell by 1.12%, or 55.00 pence, to 4 851.00 pence.