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Britain's FTSE edges lower on weakness in consumer staples

Reuters - UK Focus

* FTSE 100 drops 0.2 percent

* Beverages hit by Remy Cointreau warning

* Index drops below 30-day moving average

* Airlines helped further by JP Morgan (Other OTC: JPYYL - news) upgrade

By Alistair Smout

LONDON, Nov 26 (Reuters) - Britain's top share index was edged lower on Tuesday, hit by falling consumer staples on concern over demand for beverages, although enthusiasm for airline stocks lent the market support.

Consumer staples knocked 6.2 points off the FTSE 100 with beverage stocks such as SABMiller (Other OTC: SBMRF - news) and Diageo (Berlin: GUI.BE - news) down 1.2 percent and 0.8 percent respectively.

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Concerns over demand for drink products were triggered by a profit warning for Remy Cointreau, traders said, after the French spirit firm warned of a double-digit decline in full-year operating profit because of a slowdown in China.

"The Remy Cointreau warning is telling you that China is slowing, and while Diageo (Other OTC: DGEAF - news) said everything was fine when their own numbers came out, a week or so ago they took a slightly more cautious stance," said Nick Xanders, who heads up European equity strategy at BTIG.

"The beverage space is really tough, and it's those names that are underperforming the broader market."

At 0903 GMT, the FTSE 100 was 12.00 points lower, down 0.2 percent, at 6,682.62.

The index had closed just above its 30-day moving average around 6,692, yet fell below that level in early deals.

"The FTSE 100 is still unable to break above the 6,700 level of falling highs from end-October, meaning (there's) still potential for declines to recent lows 6,460/6,610," Mike van Dulken, research analyst at Accendo Markets, said in a note.

"However, should the current sideways move persist ... then the index would naturally move through this trendline freeing it up for a renewed up-move."

Airlines once again found themselves among the top gainers, having led the index higher on Monday after a deal between the West and Iran helped to weaken the price of oil, a key input.

IAG and easyJet both gained 0.8 percent, pushing on even as the oil price stabilised, helped by higher price targets from JP Morgan.