FTSE dips, set to break 4-week streak

Britain's FTSE 100 looked set for its first weekly fall in more than a month on Friday, faltering at resistance levels but receiving support from a spate of good earnings reports.

While Pearson and Anglo American gained 6.9% and 1.5% after confirming or exceeding predictions for full-year outlooks, the FTSE stalled around the 6,600 level, which it has struggled to sustain a break through in recent weeks.

Of the FTSE 100 companies who had reported second quarter earnings by Thursday's close, 60% beat or met expectations, compared to 50% of their euro zone peers in the EuroSTOXX 50, according to Thomson Reuters StarMine.

The blue-chip index was down 12.68 points, or 0.2% at 6,575.27 points by 1029 GMT.

The FTSE was still on track to break a four-week long run of weekly gains after repeatedly failing to break through tough technical resistance around seven-week highs in the 6,660 area.

Top faller was Rolls Royce, down 3.6% to retrace most of Thursday's post-earnings surge. While the company announced a 34% rise in profit, analysts at Deutsche Bank saw the company's cost control as disappointing, and downgraded the stock to "sell" from "hold".

Adding to the downside, BSkyB fell 1.4% after the broadcaster announced a share buy-back size at the lower end of expectations. It forecast the consumer environment will remain challenging and announced new investments which could dent next year's profit.