* FTSE nudges up 0.1 percent
* Energy shares gain, BP and Tullow rise
* European debt concern takes toll on banks
* U.S. retail sales eyed
By David Brett
LONDON, Nov 12 (Reuters) - Britain's top shares were higher
at midday on Monday, led by commodities and as investors looked
ahead to U.S. retail sales figures, although gains were muted
with Europe's debt problems weighing on sentiment.
By 1212 GMT, the FTSE 100 <> was up 7.67 points, or 0.1
percent, at 5,804.54, bouncing off an intraday low of 5,755.68
and having closed down 0.3 percent at 5,796.87 on Friday.
The UK's blue-chip index reversed early losses as U.S. stock
index futures <SPc1> <DJc1> <NDc1> pointed to a flat open on
Wall Street on Monday, ahead of economic data. [].
"People are a bit tentative and the recovery is a long way
from definite," Martin Dobson, head of sales trading at
Westhouse Securities, said.
"The market has come a long way and there is a little
caginess. Although there is money on the sidelines investors are
a bit reluctant to put it in at this level."
Energy stocks <.FTNMX0530> were a source of support for the
FTSE with BP <BP.L>, up 1.5 percent. The oil major, which is in
the process of raising $25 billion to $30 billion by the end of
2011 to help pay for its Gulf of Mexico oil spill, agreed to
sell its Southern Africa forecourt network. []
Tullow Oil <TLW.L> was up 1.5 percent after Anadarko
Petroleum Corp <APC.N> said its Mercury-1 oil exploration well
located in the waters off the Sierra Leone coast, in which
Tullow has a 10 percent stake, encountered oil. []
Mid-cap firm <> Premier Oil <PMO.L> rose 5.3 percent
with traders citing an Observer newspaper report of a bid
approach from Korea's KNOC [].
IRELAND ANCHORS BANKS
Banks <.FTNMX8350> were lower with Europe's debt troubles
weighing on the sector. Barclays <BARC.L> and Standard Chartered
<STAN.L> shed 0.4 and 0.6 percent respectively.
An Irish minister reiterated on Monday a denial that Ireland
was in direct discussions about a European Union bailout, but
said "continuous talks" were taking place. []
Meanwhile, pressure continues to mount on Portugal, the next
high-deficit euro zone country in the market's crosshairs.
"What is clear to investors is there are real risks present
in world markets, and the view that equities are the best place
to seek a return is starting to wane," Phil Gillett, a trader at
Spreadex, said.
Rolls-Royce <RR.L> dropped 1.6 percent, topping the list of
FTSE 100 <> fallers as sector-negative sentiment following
a second safety incident for airline Qantas weighs on the
British engine maker. []
Engineer Invensys <ISYS.L> rose 7 percent. It said on Monday
it was not in offer talks after Chief Executive Ulf Henriksson
speculated in the Daily Telegraph on Nov. 13 that its partner,
China Southern Rail, could do a deal if the price was right.
British outsourcing firm Serco <SRP.L> added 1.4 percent
after a bullish update, with peer Capita <CPI.L> rising 1
percent in tandem. []
Miners <.FTNMX1770> recovered earlier losses with Lonmin
<LMI.L> up 3.1 percent after the world's third-biggest platinum
producer restarted dividends and posted a swing to full-year
profit, with JP Morgan upgrading its rating. []
(Editing by David Hulmes)
