London midday: UK stocks rise but gains limited by Kingfisher, resource stocks

UK stocks edged higher on Tuesday, though gains were being limited by falls in the heavyweight resources sector and a drop in the share price of DIY retailer Kingfisher.The FTSE 100 trading 0.1% higher at 6,737 by midday, though was underperforming stocks across Europe with the STOXX Europe 600 index up 0.5% on the day."European equity markets are still riding on the back of Mario Draghi's remarks that full-blown quantitative easing (QE) could be on the cards, should be it be called for," said analyst David Madden from IG.The OECD on Tuesday also reiterated its call for the European Central Bank to embark on QE, saying that the single-currency region is "at risk of deflation if growth stagnates or if inflation expectations fall further".Madden also said that a surprise uptick in French economic data has also helped sentiment on the continent as French business confidence unexpectedly increased in November. Meanwhile, data from Germany also confirmed that the Eurozone's largest economy avoided recession in the third quarter with German gross domestic product (GDP) growing by 0.1%, in line with the initial estimate earlier this month.The second estimate for third-quarter US GDP is also due out later on, with analysts expecting the world's largest economy to have expanded at an annual rate of 3.3%, lower than the initial 3.5% estimate. US consumer confidence, personal spending and house price figures will also be released in the afternoon.Kingfisher disappoints, oil and mining stocks slumpShares in Kingfisher declined after the B&Q and Screwfix owner saw like-for-like (LFL) sales fall in the third quarter as decent growth in the UK and Ireland was offset by falling sales in its largest market, France. LFL sales declined 0.9%, compared with 1.8% growth in the first half.Oil stocks were weak as Brent fell for a second straight day ahead of the pivotal OPEC meeting this week. According to reports, OPEC is looking to spare three countries - Iraq, Iran and Libya - from potential cuts to production. Shell, Tullow, BP, Enquest and Premier Oil were registering losses.Mining stocks were also out of favour as share prices continued to retreat after a China-inspired rally last week after the country's central bank unexpectedly lowered interest rates. Anglo American, BHP Billiton, Centamin and Antofagasta were all trading lower.Media stocks were putting in a decent performance with Sky, Reed Elsevier and ITV rising strongly. ITV was helped by comments from Goldman Sachs which reiterated its 'buy' rating on the stock due to an "attractive" valuation.First-half results from Severn Trent were broadly in line with expectations, though shares fell. The group said negotiations with regulator Ofwat about the upcoming price review will mean bringing forward extra capital expenditure into the second half.Petrofac was extending losses after slumping by 26% on Monday on the back of a profit warning. The oilfield services stock was under further selling pressure after analysts at Credit Suisse, Investec and Deutsche Bank downgraded their ratings on the stock.Meanwhile, BT was continuing to rise on speculation that it could buy UK mobile operator O2 from Telefonica. Spanish newspaper El Confidencial reported BT could offer at least €6bn (£4.76bn) on top of a 20% stake in its share capital for the company it originally spun off in 2001. Market MoverstechMARK 2,911.99 +0.32%FTSE 100 6,736.90 +0.11%FTSE 250 15,795.55 +0.54%FTSE 100 - RisersSky (SKY) 918.50p +2.63%Reed Elsevier (REL) 1,094.00p +1.86%Schroders (SDR) 2,662.00p +1.80%Marks & Spencer Group (MKS) 483.90p +1.64%ITV (ITV) 208.10p +1.51%BT Group (BT.A) 399.50p +1.37%easyJet (EZJ) 1,566.00p +1.29%Wolseley (WOS) 3,565.00p +1.28%HSBC Holdings (HSBA) 636.30p +1.22%International Consolidated Airlines Group SA (CDI) (IAG) 440.20p +1.20%FTSE 100 - FallersKingfisher (KGF) 290.80p -4.28%Sainsbury (J) (SBRY) 244.10p -3.25%Petrofac Ltd. (PFC) 853.50p -2.73%Anglo American (AAL) 1,319.00p -2.58%Tesco (TSCO) 189.35p -2.09%BHP Billiton (BLT) 1,587.50p -2.07%Morrison (Wm) Supermarkets (MRW) 183.20p -2.03%Mondi (MNDI) 1,070.00p -1.38%Dixons Carphone (DC.) 422.00p -1.06%Intertek Group (ITRK) 2,412.00p -1.03%FTSE 250 - RisersParagon Group Of Companies (PAG) 400.50p +5.98%Greencore Group (GNC) 274.80p +5.61%Balfour Beatty (BBY) 172.00p +5.46%Foxtons Group (FOXT) 156.40p +3.58%Go-Ahead Group (GOG) 2,601.00p +3.42%Petra Diamonds Ltd.(DI) (PDL) 200.70p +3.13%JD Sports Fashion (JD.) 463.10p +3.07%Ted Baker (TED) 2,141.00p +2.69%IG Group Holdings (IGG) 664.50p +2.63%Mitchells & Butlers (MAB) 358.10p +2.61%FTSE 250 - FallersCentamin (DI) (CEY) 49.50p -6.07%Zoopla Property Group (WI) (ZPLA) 182.00p -4.21%Card Factory (CARD) 240.00p -3.88%EnQuest (ENQ) 67.05p -3.59%Amec Foster Wheeler (AMFW) 1,044.00p -2.97%Premier Oil (PMO) 232.90p -2.14%Lonmin (LMI) 182.70p -2.14%Brit (BRIT) 244.00p -2.13%Hochschild Mining (HOC) 98.50p -2.09%Riverstone Energy Limited (RSE) 879.00p -1.95%