London open: Stocks pull back after strong gains

The FTSE 100 registered moderate falls in early trading on Friday in aftermath of a series of disappointing economic figures, as markets pulled back after a strong showing over the last two weeks.London's benchmark index has gained around 4.0% since the start of May, rising to levels not seen since mid-2007. The Footsie breached the 6,700 mark yesterday after 10 consecutive sessions in the blue, before falling back due to weak economic indicators from the States, including rising jobless claims, declining housing starts and a negative reading of Philadelphia manufacturing."In light of reports this week that the Federal Reserve has mapped out a plan to exit quantitative easing, traders are on edge about the prospects of the US economic recovery," said Market Strategist Ishaq Siddiqi from ETX Capital."Markets, like the Fed, are unsure if the US economy can go at it alone without the support of the central bank in forthcoming months. For that reason, the market is sensitive to data and remarks by various Fed members," he said.Data from the Eurozone meanwhile was also disappointing earlier this week, showing that the region contracted by 0.2% in the first quarter. However, the market reaction was mixed given that the ongoing recession will increase hopes for the European Central Bank to employ further measures to boost the single-currency economy.Intertek slumps early on; Ocado rocketsProduct testing group Intertek was a heavy faller this morning on the FTSE 100 after its guidance on operating margins disappointed. The company said that margins in the first quarter were lower than last year due to a sharp profit decline in the minerals business. "This minerals decline is now expected to continue into the second half of the year as that sector overall experiences a more prolonged downturn," the company said.A standout performer of the morning was Ocado after confirming that it is teaming up with Morrison to help the supermarket launch its first shopping website in January next year. Ocado, which will provide its technology, logistics and distribution knowledge, jumped as much as a third early on, while Morrison edged higher.Sales growth at web and technology firm Premier Farnell came in well ahead of expectations in the first quarter, causing shares to rise early on.John Menzies was under the weather after reporting a mixed performance from its two main divisions in the first quarter. Aviation trading was ahead of last year, but the larger Distribution division was been hit by tough comparators and harsh conditions in the magazine market.Vesuvius, the molten metal flow engineering firm, edged higher after saying that trading in the first quarter was in line with expectations. Revenues in 2013 are expected to be lower than 2012 due to restructuring and disposals, but the group said that it sees underlying improvement in market conditions later this year.Transport company National Express cheered its investors with the news the Department for Transport has decided to extend the c2c rail franchise to September 2014.FTSE 100 - RisersLloyds Banking Group (LLOY) 62.57p +2.73%Morrison (Wm) Supermarkets (MRW) 287.00p +1.56%Croda International (CRDA) 2,634.00p +1.42%Polymetal International (POLY) 642.50p +1.42%Glencore Xstrata (GLEN) 341.00p +1.19%Royal Bank of Scotland Group (RBS) 322.50p +1.16%Fresnillo (FRES) 1,089.00p +1.11%Tesco (TSCO) 377.35p +0.92%Anglo American (AAL) 1,563.00p +0.90%Pearson (PSON) 1,214.00p +0.83%FTSE 100 - FallersIntertek Group (ITRK) 3,285.00p -4.84%Associated British Foods (ABF) 1,869.00p -2.91%Amec (AMEC) 1,042.00p -2.80%easyJet (EZJ) 1,189.00p -1.82%British Sky Broadcasting Group (BSY) 780.50p -1.82%Tate & Lyle (TATE) 847.50p -1.63%Aviva (AV.) 341.60p -1.41%Diageo (DGE) 2,025.00p -1.24%Rolls-Royce Holdings (RR.) 1,193.00p -1.24%Aberdeen Asset Management (ADN) 467.10p -1.23%FTSE 250 - RisersOcado Group (OCDO) 254.00p +25.80%New World Resources A Shares (NWR) 118.50p +11.37%Kazakhmys (KAZ) 354.70p +2.87%Petropavlovsk (POG) 134.50p +2.83%Premier Farnell (PFL) 232.50p +2.65%Direct Line Insurance Group (DLG) 210.90p +2.63%Savills (SVS) 595.50p +2.50%Imagination Technologies Group (IMG) 337.10p +2.15%Hochschild Mining (HOC) 263.50p +2.13%Barratt Developments (BDEV) 337.20p +2.06%FTSE 250 - FallersMenzies(John) (MNZS) 766.00p -3.22%Thomas Cook Group (TCG) 159.80p -2.62%Synthomer (SYNT) 203.80p -2.02%Inchcape (INCH) 554.00p -1.86%Mitchells & Butlers (MAB) 391.70p -1.85%Ashtead Group (AHT) 625.00p -1.50%COLT Group SA (COLT) 114.30p -1.47%Perform Group (PER) 544.00p -1.45%Homeserve (HSV) 217.20p -1.27%ITE Group (ITE) 291.30p -1.02%BC