Defensive shares push FTSE higher

continental European bourses albeit with technicals seen keeping gains muted, while miners were dented by weaker metal prices.
The FTSE 100 was 6,98 points, or 0,1 percent, higher at 6 076,88.
It lost most of an early rise that took it to highest level since February 21, and closing in on its highest in nearly three years.
With weakness from European peers keeping gains in check due to lower commodity prices, defensive stocks like tobacco, consumer goods and pharmaceutical companies were among the main supports for the index.
Imperial Tobacco added 2 percent, Reckit Benckiser rose 1,3 percent, and GlaxoSmithKline gained 0,7 percent. Technical analysts pointed to downside pressure for the index after three weeks of gains.
“Despite the aggressive buying spree since April 19 which saw investors paying up for equities, value seems to be a concern now as the market approaches the high for the year at 6 105,77,” Enis Mehmet, analyst at Autochartist, said.
“This could mean a near-term break triggered by profit-taking sellers and the lack of fresh buying.”
The index gained 2,7 percent in April but ended below 6 070, the level at which it fell from early in the month.
Fund management stocks were among the strongest gainers, with Man Group boosted after the hedge fund company unveiled its biggest fund launch since the financial crisis after raising US$1,5 billion for a new open-ended computer-driven trend fund in Japan.
Schroders gained 1,2 percent, lifted as mid-cap peer Aberdeen posted a 54 percent rise in first-half pretax profit.
Lower metal prices ensured weakness from miners, dragged by doubts about the sustainability of strong demand.
Precious metal operators Randgold Resources and Fresnillo topped the fallers list, both down around 3 percent.
US stocks slipped back on Monday, after an early bounce on news of the death of Osama bin Laden gave way to questions around the longevity of the market’s recent rally. Asian shares followed suit, falling yesterday.
Refocusing investor concerns about the health of the domestic economy, house prices in England and Wales fell in April at their fastest annual pace in 18 months and were likely to slip further this year on fears about the economic outlook, Hometrack said. The property data firm’s monthly survey showed prices were 3,3 percent down in April compared with a year ago, the biggest decline since October 2009, when Britain was emerging from recession. – Reuters.