* FTSE down 0.3 percent
* Miners fall on broker comment, economic worries
* ARM surges on bid specualation
By David Brett
LONDON, Sept 24 (Reuters) - Britain's leading shares fell
around midday on Friday, pulled lower by miners which were hit
by comments from UBS and as investors remained nervous over the
threat of a double-dip recession.
By 1046 GMT, the FTSE 100 <> was down 17.92 points or
0.3 percent at 5,529.16, having closed 0.1 percent lower at
5,547.08 on Thursday, its third consecutive session of losses
since hitting its highest close since late April on Monday.
Global equities have been hit by downbeat data from the U.S.
and Europe, which stoked fears over the strength of the global
economic recovery.
"It's certainly been a choppy week for equity markets but
the prospect of a double dip is looming yet again," Ben
Critchley, sales trader at IG Index, said.
Miners <.FTNMX1770>, strong recent performers, were the
biggest fallers on Friday, weighed on by a research note from
UBS.
Anglo American <AAL.L>, Kazakhmys <KAZ.L>, Antofagasta
<ANTO.L> and Vedanta <VED.L>, which were all downgraded by the
broker, shed 1.2 to 3.2 percent.
UBS said in a note: "Unexpected government rulings on
minerals leases and taxation in many national jurisdictions ...
(are) challenging many sustainable corporate growth strategies."
The FTSE 100 bounced off its session low of 5,516.46,
however, as German business sentiment rose unexpectedly in
September, although companies now expect the pace of growth in
Europe's largest economy to slow. []
Wall Street futures pointed to a firmer open on Friday, with
shares set to rebound ahead of a batch of U.S. data including
August durable goods orders and new home sales.
"U.S. durable goods order readings ahead of the weekend
break could easily inject another wave of pessimism should the
number fall short of expectations," IG's Critchley said.
ORACLE SEES CHIPMAKER FIT
ARM Holdings <ARM.L> was the standout gainer among the blue
chips, up 5.7 percent, as comments from the chief executive of
U.S. software giant Oracle Corp <ORCL.O> revived bid speculation
for the chip designer.
Oracle founder Larry Ellison, responding to a question from
an analyst at an event, said he was more interested in acquiring
companies with attractive technology than companies that provide
services.
ARM shares have advanced by more than 130 percent in the
current year, hitting an eight-year peak.
Hammerson <HMSO.L> rose 1.5 percent to be one of the top
gainers on the FTSE 100 as Credit Suisse named the firm and
British Land <BLND.L> as its top picks among real estate
investment companies. The broker upgraded the sector to
"benchmark" from "underweight".
Back among the fallers, banks <.FTNMX8350> were lower as
risk appetite remained firmly off the table and after more sabre
rattling from regulators.
Barclays <BARC.L> and Lloyds Banking Group <LLOY.L> were
down 0.9 and 0.6 percent.
Britain's banks are facing a wide-ranging probe that will
examine the break-up of retail and investment banks after the
financial crisis forced taxpayers to pour billions of pounds
into the sector. []
HSBC <HSBA.L> shed 0.1 amid a dramatic upheaval among HSBC's
top management after a boardroom row left the bank scrambling to
limit damage to its reputation but unlikely to alter its
increasing focus on Asia. []
(Editing by Michael Shields)
