UK stocks slip back after four-sessions of gains

* FTSE 100 down 0.1 percent; up 2 percent this week

* Miners retreat, tracking weak metals prices

* Defensive stocks back in favour

* Aggreko, Bunzl dented by mixed trading updates

LONDON, Oct 19 (Reuters) - Britain's top share index slipped

back on Friday after four days of gains, tracking overnight

falls on Wall Street and in Asia and weighed down by weakness in

mining stocks.

Trading was expected to be volatile, however, with the

expiry of monthly futures and options contracts which often jolt

markets due in London at around 0915 GMT.

Miners fell back in tandem with lower copper

prices as concerns over demand from top metals consumer

China returned after some more positive recent data.

China's Commerce Ministry said on Friday September trade

numbers, which showed a surge in exports at twice the rate

expected and a return to import growth, are not yet enough to

confirm that a recovery is in place for the external sector.

At 0804 GMT, the FTSE 100 index was down 6.17 points, or 0.1

percent at 5,910.88, having added 0.1 percent on Thursday to hit

a seven-month closing high, with the index ahead over 2.1

percent in the four-sessions up to Friday.

"Recent strength has led many in the market to assume that a

run up to, and through, 6,000 in now simply a formality in the

near term, but the fact that it has entered a zone where so much

resistance has been encountered over the last twelve months

means that such a burst to the upside might not be quite so

straightforward," Charles Stanley technical analyst Bill

McNamara said.

"Uptrend support is now at 5,790 or so and it is not

inconceivable that it could come back into play before too

long."

Temporary power provider Aggreko and packaging firm

Bunzl were the two top individual blue chip fallers,

down 6.8 percent and 3.4 percent respectively, after the two

posted mixed trading updates.

Volumes for both were strong, with Aggreko at 273 percent of

its 90-day daily average, and Bunzl at 109 percent.

Overall trading volume for the FTSE 100 index was 11 percent

of the 90-day daily average.

As investors shunned stocks perceived as riskier, defensives

- those shares seen as less exposed to the vagaries of the

economic cycle - were back in favour, with drugmakers, drinks,

and food producers all advancing.

"Long term we are bullish on the outlook for equities and

see the next correction as an opportune time to add to longs ...

Saying that, however, we remain buyers of defensive names and

are decreasing risk on low volume rallies and anticipate a

cheaper entry point," said Atif Latif, director of trading at

Guardian Stockbrokers.

Strategists at Shore Capital also favour defensive stocks to

cyclicals.

"We remain defensively orientated in sector positioning

supported we believe by valuations as well as the economic

cycle," Shore Cap equity strategist, Gerard Lane said in a note.

(Reporting by Jon Hopkins)

Source: http://news.yahoo.com/uk-stocks-slip-back-four-sessions-gains-083228340--business.html

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