Britain's FTSE outperforms Europe, helped by strong hoteliers
* FTSE 100 down 0.3 pct
* IHG, Whitbread (LSE: WTB.L - news) rally after results
* Miners among top fallers as copper hits lowest in nearly 2 years
By Alistair Smout
LONDON, Oct (HKSE: 3366-OL.HK - news) 20 (Reuters) - Britain's top share index outperformed European peers on Tuesday, supported by well-received results from Intercontinental Hotel Group and Whitbread.
The FTSE 100 was down 20.12 points, or 0.3 percent, at 6,332.17 by 0818 GMT, compared with a 0.5 percent decline in the FTSEurofirst 300. The index remains 11 percent below all-time highs hit in April (LSE: 0N69.L - news) .
InterContinental Hotels Group, one of the world's largest hoteliers, rose 3.5 percent after it said it was confident in its outlook for the year due to encouraging trading trends and after posting growth in its third quarter.
The stock had shed a fifth of its value since last April.
Whitbread also saw strength in its hotels business which, combined with growth in its Costa Coffee brand, helped its profit rise about 14 percent. [ID:
Analysts at Numis said the update was reassuring, and that while it would leave its forecasts unchanged, it would move its rating to "add" from "hold" following market weakness that had seen the stock fall around 10 percent since July.
"Today's outlook statement suggests a similar level of growth in H2 which, we believe, may soothe some market fears that the slowdown might be continuing," they said in a note.
On the FTSE 100 the top four fallers were all mining stocks, with Glencore (Xetra: A1JAGV - news) , Anglo American (LSE: AAL.L - news) , BHP Billiton (NYSE: BBL - news) and Rio Tinto (LSE: RIO.L - news) down 1.5 to 1.9 percent.
Copper dipped to its lowest in nearly two years earlier in the day, with some traders questioning the strength of China's economy after it reported its slowest GDP growth figure since the financial crisis on Monday.
A bank lending survey by the European Central Bank showed lending conditions in the euro zone improving, potentially reducing the chance of further stimulus from the ECB later in the week. That sent the euro higher and hit European shares.
(Editing by Catherine Evans)