FTSE 100 index edges lower amid packed corporate diary

Britains headline index swung between gains and losses on Thursday as investors digested an extensive list of blue-chip earnings reports. Market players also eyed the remaining key economic data for the week from Europe and the United States to assess the global economys recovery prospects.

FTSE 100 stood at 6 757.30 points at 9:39 GMT, down 0.24% on the day, having shifted in a daily range between 6 796.80 and 6 744.80 points, the lowest since July 21st. Britains top equity index fell by 0.50%, or 34.31 points, to 6 773.44 points yesterday, marking a 0.26% weekly loss through Wednesday.

Investors eyed Russian President Vladimir Putins response to the latest wave of economic sanctions by the US and European Union against Russia. EU leaders agreed earlier in the week on their toughest sanctions against Russia to date, limiting the export of equipment used to modernize the oil industry and prohibiting the sale of equipment for military purposes, as well as barring state-owned banks from selling bonds or shares in Europe. Meanwhile, the US imposed sanctions on three Russian banks and a state-owned shipbuilding company.

European leaders froze assets of Arkady Rotenberg and Yury Kovalchuk as part of the broader wave of penalties against Vladimir Putin in an attempt to force him to withdraw his support to pro-Russian separatists in Ukraine. The blacklist included also six other individuals which are allegedly closely related to the civil turmoil in Ukraine.

Data earlier in the day showed that house prices in the UK rose at the slowest pace in July since April 2013, highlighting signs of loss in momentum in Britains property market. The Nationwide House Price Index jumped by 0.1% from a month earlier, compared to expectations for a 0.5% rise and well below Junes 1% growth. Year-on-year, housing prices gained 10.6%, trailing projections for an 11.3% jump, while the preceding months reading received a downward revision to show a 6% growth.

In the Eurozone, consumer inflation trailed expectations to show an annualized growth rate of 0.4% in July, trailing projections and the previous months reading of 0.5%, while core consumer prices rose in line with projections at a rate of 0.8% from a year earlier. Unemployment rate inched lower to 11.5%, beating projections to remain unchanged at 11.6%.

Investors continued to keep a close watch on the key data from Europe and the US that is up to come through the end of the week. Due on Thursday are US initial jobless claims and manufacturing activity in the Chicago region. Fridays reports will include manufacturing activity within the euro area and in Britain; US non-farm payrolls and unemployment rate, as well as the Reuters/Michigan Consumer sentiment, personal spending, ISMs manufacturing Report on Business and others.

Corporate news, top movers

The FTSE 100s top gainers for the day were Royal Dutch Shell Plc, BG Group Plc and BT Group Plc.

Royal Dutch Shells Class B ordinary shares rose by 4.11%, or 102.25 pence, to 2 591.25 pence by 9:20 GMT. The oil company reported a 33% increase in adjusted quarterly earnings due to improved sales of liquids. Dividend for the three-month period rose by 4% from a year earlier.

BG Group rose by 1.88%, or 22.25 pence, to 1 202.75 pence by 9:23 GMT after the energy company reported an 11% jump in second-quarter operating profit, boosted by higher LNG volumes and higher prices in South America and Asia. BG Group reported that total EPS rose by 64% to 40.1 in the second quarter, while interim dividend was up 10% to 14.38 cents per share.

BT Group added 1.10%, or 4.25 pence, to trade at 392.15 pence at 9:28 GMT. The telecoms giant said that strong demand for fibre broadband and television ensured a good start to the year with adjusted pre-tax profit jumping by 7% to 658 million pounds. EBITDA was unchanged at 1.435 billion pounds, while adjusted earnings per share jumped by 10%. The company reiterated its outlook.

The days top losers were St Jamess Place Plc, Weir Group Plc and Schroders Plc.

St Jamess Place slid by 4.44%, or 33.50 pence, to 721.50 pence. UK fund manager Schroders dropped 3.30%, or 82.50 pence, by 9:38 GMT to trade at 2 416.50 pence.

Weir Group plunged 4.05%, or 108.00 pence, to 2 560.00 pence after its first-half performance matched expectations but failed to spur bullish sentiment.