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FTSE 100 declines 0.3% as IAG, Shell and Centrica weigh

Last updated: 11:22 14 Feb 2011 GMT, First published: 12:22 14 Feb 2011 GMT

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The FTSE 100 shed 0.3% in the morning, dragged down by International Consolidated Airlines Group (LON:IAG), which lost 2.2%, supermajor Shell (LON:RDSB), British Gas parent company Centrica (LON:CNA) and publisher Reed Elsevier (LON:REL) with losses of 1.5%.

Engineering companies Weir Group (LON:WEIR) and Petrofac (LON:PFC) were among the top risers in the FTSE 100, advancing 5% and 3% respectively after oil and gas services company and FTSE 250 constituent Wood Group (LON:WG) sold its well support division to General Electric (NYSE:GE) for US$2.8 billion.

Shares in Wood Group surged 13% on the news today.

In addition to that, Weir got a boost from reports that German engineering conglomerate Siemens could be looking to make a takeover bid for the company.

Engineering and information technology firm Invensys (LON:ISYS) rose in union, tacking on 2.8%.

India focused energy company Essar Energy (LON:ESSR) and chipmaker ARM Holdings (LON:ARM) also did well, climbing 2.5% and 2% respectively.

Elsewhere in Europe, France’s CAC 40 declined 0.25% and Spain’s IBEX 35 dropped 0.4%, while Germany’s DAX tacked on 0.2%.

Futures for the Dow Jones Industrial Average (DJIA), the S&P 500 index and the technology heavy NASDAQ 100 declined marginally in the morning, pointing to a lower start on Wall Street.

Shares for Apache Corp (NYSE:APA) rallied 6% in pre-market, while Schlumberger (NYSE:SLB) climbed 1%.

McDonald’s (NYSE:MCD) and Ford (NYSE:F) shed less than 1%.

Friday’s US data was positive, showing that the University of Michigan consumer confidence index advanced from 74.5 in January to 75.1 in February.

Asian markets were in buying mode today.

China’s Shanghai Composite Index rallied 2.54%, Hong Kong’s Hang Seng advanced 1.3%, South Korea’s KOSPI surged 1.9% and Japan’s Nikkei 225 added 1.1%.

Australia’s S&P/ASX 200 rose 1.1%.

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