UK stocks : FTSE 100 up 0.4 pct
Reuters: London, Jan 22 2013, 05:04 IST
correction to around the 5,977 area, it wouldn't be a massive concern. If we then managed to hold that, I think people will start loading up on longs and we could move higher again into the end of the first quarter."
Traditional "risk-on" sectors led the way on Monday with miners up 1.3 percent.
Financials added their weight to gains too, with insurers bolstered by a 4.9 percent rally in Admiral Group after Goldman Sachs upgraded the firm to "buy" and added it to its conviction list.
The outlook for earnings, however, remained a key concern, with Pearson the top faller among the blue chips after the education and media group reported a weak finish to 2012 and said it expects tough market conditions to continue.
"Given the lack of earnings momentum and the current valuation - 14 times consensus 2013 earnings, which we believe will see downgrades as we go through the year - we would continue to take profits," analysts at Killick said in a note.
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