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		Home Page Mortgage News You Can Use   FTSE dips to 8-week closing low; drugs, banks fade Thursday February 12, 11:56 am ET By Camila Reed LONDON, Feb 12 (Reuters) - Britain's top shares slumped to an eight-week closing low on Thursday after index heavyweights GlaxoSmithKline (London: GSK.L - News ) and Barclays (London: BARC.L - News ) disappointed with results, while poor U.S. data added to the overall market gloom. Europe's biggest drugmaker Glaxo missed consensus forecasts for 2003 and said generic competition would hit earnings in 2004 sending its shares down 3.7 percent to close at 1,130 pence. The FTSE 100 (London: ^FTSE - News ) closed down 18.3 points or 0.4 percent at 4,377.7, with drugs hacking 17 points and banks a further 13 from the index. Total market volume was brisk at 3.4 billion shares as a number of large sell programmes were executed, dealers said. "The top ten FTSE stocks have struggled to find support and when they constitute around 50 percent of the market it is quite difficult for the market to make headway," said Darren Winder, UK equity strategist at UBS. "We are seeing something of a correction but the underlying basis of valuations is still strong for equities." Wall Street went into reverse after Wednesday's sprint to 32-month highs, hit by U.S. jobs figures coming in below expectations and casting doubt on the strength of U.S. economy. "The UK market is directionless as opposed to cataclysmic... It is disappointing that pension funds and insurers are still selling UK equities...There is a concern about the lack of confidence in the performance of equities," said Hilary Cook, director of investment strategy at Barclays Stockbrokers. But investors cheered results from jet-engine maker Rolls-Royce (London: RR.L - News ) and mid-cap Internet retailer Lastminute.com (London: LMC.L - News ). The stocks surged over 13 percent each. ROLLS-ROYCE ROCKETS Jet-engine maker Rolls-Royce was a runaway performer, flying to a 2-1/2 year high after its annual results beat nearly all expectations. Rolls-Royce also forecast earnings would keep growing in 2004, while traders latched on to news that the lucrative after-sales market was picking up. BAE Systems (London: BA.L - News ) jumped on board, rising six percent. Miners also put in a strong performance, with BHP Billiton (London: BLT.L - News ; Australia: BHP.AX - News ) and Anglo American (London: AAL.L - News ; AAGLJ.J) up over three percent as copper touched a 7-1/2 year peak and gold moved steadily above $410 an ounce. But a 20 percent jump in profits at Britain's third-biggest bank Barclays (London: BARC.L - News ) was not enough to keep its shares afloat. Instead, the stock fell four percent to 495p as analysts said there was better value elsewhere. Joint house broker Cazenove cut its rating to "long-term buy" from "buy", keeping up the pressure on the stock. Centrica (London: CNA.L - News ) also lost 2.7 percent, even though the utility reported a 10.5 percent rise in annual earnings. Elsewhere, fund manager Schroders (London: SDR.L - News ) tacked on 3.4 percent after investment bank Merrill Lynch slapped a "buy" rating on the stock. Shares in mid-cap UK construction firm Carillion (London: CLLN.L - News ) rose to their best since level since October after a positive note from broker Teather & Greenwood, dealers said.   Back to Original Article: News You Can Use   Continue with: Freddie Mac 30Y Mtge Rate Average 5.66% This Week Vs 5.72% Greenspan says expects US productivity to slow Retail Sales Dip 0.3 Percent in January Greenspan Senate Testimony Mirrors House Assessment U.S. sales down, jobless claims up in latest data U.S. Treasuries, Thursday, Feb 12 Foreign fund inflows to Japan soar in January Greenspan says must provide skills for better jobs Retail Sales Excluding Autos in U.S. Rise 0.9 Percent, Most in 5 Months Mortgage Rates at a Near Standstill U.S. mortgage rates unchanged Wednesday - BestInfo Budget deficits a risk to low interest rates, Greenspan says Bad Credit Home Loan Secrets Officials order new mutual fund reforms Greenspan provides fuel for dollar decline Dollar, gold mixed in Europe U.S. Treasury Bond Prices Higher
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