Reply #26: FTSE flat after hitting 6-yr high, Wolseley cools

[Ghost Dog]

http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyID=2007-02-14T122536Z_01_L14305238_RTRIDST_0_MARKETS-BRITAIN-STOCKS-UPDATE-1.XML

LONDON, Feb 14 (Reuters) - Britain's FTSE 100 .FTSE shares pared gains, trading flat by mid-session on Wednesday as investors took profits after the index hit its highest since December 2000 and as bid talk on Wolseley (WOS.L: Quote, Profile , Research) cooled.

By 1135 GMT, the FTSE 100 was up 1 point, or 0.02 percent at 6,382.8, after reaching 6,404.3 earlier. The UK benchmark index underperformed other major European markets.

"It's just psychologically that 6,400 is a big level. Obviously everyone looks at Bank of England for what they say. The numbers are quite good. I don't think it's a major influence there," said Lawrence Peterman, investment director at Eden Financial.

Sterling rose versus the dollar and the euro, while gilts fell after Bank of England Governor Mervyn King said the outlook for consumer price inflation was highly uncertain due to energy prices.

Mining shares continued their strong run on metal prices as well as consolidation talk in the sector.

BHP Billiton (BLT.L: Quote, Profile , Research) gained 0.5 percent, Xstrata (XTA.L: Quote, Profile , Research) 1.6 percent, Anglo American (AAL.L: Quote, Profile , Research) 2.2 percent and Rio Tinto (RIO.L: Quote, Profile , Research) 1.9 percent.

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