* Banks, life insurers, Schroders higher
* Miners rebound on metal price strength
* U.S. non-farm payroll data due at 1330 GMT
* WPP results at low end of forecasts; drugmakers weigh
By David Brett
LONDON, March 5 (Reuters) - Britain's top share index rose
0.6 percent by midday on Friday led by rallying financials and
rebounding miners though trade was light as investors waited on
the sidelines ahead of U.S. non-farm payroll data.
By 1152 GMT, the FTSE 100 <> was up 30.82 points to
5,557.98, having closed 0.1 percent lower on Thursday, although
just 28 percent of the average 90 day volume had been traded.
Banks were the biggest risers. Barclays <BARC.L>, Royal Bank
of Scotland <RBS.L>, HSBC <HSBA.L> and Standard Chartered
<STAN.L>, which reported bumper profits on Thursday, added 1.8
to 3.2 percent.
"Volumes are a little lighter than normal this morning with
many traders preferring to stand aside until the latest U.S.
non-farm payrolls announcement is out of the way," said Anthony
Grech, market strategist at IG Index.
U.S. non-farm payrolls data, due to be released at 1330 GMT,
will be the key focus of the day, with a Reuters poll predicting
a 50,000 decrease in the number of jobs.
"A better than expected number could be the catalyst that
will see the FTSE finally test that key upside level at 5,600,"
said James Hughes, market analyst at CMC Markets.
Schroders <SDR.L> was again the top blue chip performer, up
4.8 percent, extending the previous day's gains following the
fund firm's upbeat results.
Life insurers were on the front foot, following recent dips
after Prudential <PRU.L> announced a $21 billion rights issue on
Monday to fund its takeover of AIG Asia.
Prudential, Aviva <AV.L>, which posted results on Thursday,
and Standard Life <SL.L> rose 1.1 to 1.9 percent. Peer
Resolution <RSL.L>, which faces possible FTSE 100 relegation,
fell 0.4 percent. []
Miners rallied after profit takers had stepped in in the
previous session, underpinned by rebounding metal prices.
Fresnillo <FRES.L>, Rio Tinto <RIO.L>, Lonmin <LMI.L>, BHP
Billiton <BLT.L> and Xstrata <XTA.L> added between 1.4 and 3.6
percent.
Swiss-based commodity trader Glencore [] said it was
buying back its prized Prodeco coal operations in Colombia from
Xstrata. []
Among energy stocks, Cairn Energy <CNE.L> added 1.9 percent
after Numis raised its recommendation on the oil explorer, while
peer Tullow <TLW.L> rose 0.6 percent as Numis raised its target
price.
DEFENSIVE DECLINES
Selected defensive issues were the main fallers as risk
appetite returned.
Drugmaker GlaxoSmithKline <GSK.L> dropped 1.2 percent after
UBS cut its price target and highlighted potential liabilities
from diabetes drug Avendia. []
Utilities, Centrica <CNA.L> and United Utilities <UU.L> fell
1.5 and 1.7 percent, respectively, while oil and gas services
firm Petrofac <PFC.L> extended Thursday's falls, down 2.9
percent.
Peers AstraZeneca <AZN.L> and Shire <SHP.L> fell 0.3 and 0.2
percent, respectively.
WPP Group <WPP.L>, the largest advertising group in the
world, was one of the top FTSE fallers, down 0.6 percent. It
reiterated its view that 2010 like-for-like revenues would be
flat after reporting 2009 revenues down 8.1 percent, towards the
lower end of forecasts. []
British factory gate inflation picked up to a 14-month high
in February but manufacturers' input price inflation eased more
than expected and for the first time since last July.
[]
(Editing by Karen Foster)
