BRITAIN'S BIGGEST SHARES SLIPPED INTO NEGATIVE TERRITORY THURSDAY, ERASING THEIR INITIAL GAINS AS MINING STOCKS TRACKED METALS PRICES LOWER, ALTHOUGH FUND MANAGER MAN GROUP STOOD OUT AMONG TOP GAINERS AFTER REVEALING FORECAST-BEATING PROFITS, ACCORDING TO REUTERS. STEELMAKER CORUS WAS ANOTHER FOCUS OF ATTENTION, UP 2 PERCENT AFTER A RUSSIAN NEWSPAPER SAID ROMAN ABRAMOVICH, OWNER OF ENGLISH SOCCER CLUB CHELSEA AND RUSSIA'S RICHEST MAN, WAS IN TALKS WITH THE ANGLO-DUTCH GROUP TO BUY A STAKE IN IT. CORUS DECLINED TO COMMENT. THE FTSE 100 INDEX WAS DOWN 37.8 POINTS, OR 0.7 PERCENT, AT 5,686 BY 0932 GMT -- NEARLY 70 POINTS BELOW ITS SESSION HIGH AND ERASING ABOUT HALF OF WEDNESDAY'S GAINS. TOTAL UK TURNOVER REACHED JUST UNDER 500 MILLION SHARES. "AT THE MOMENT THE MARKET IS SO VOLATILE THAT WE'RE HAVING REALLY WIDE-RANGING MOVES ALL THE TIME AND IT'S QUITE TRICKY TO ESTABLISH A TREND," SAID LAWRENCE PETERMAN, INVESTMENT DIRECTOR AT BROKERAGE EDEN GROUP. "THERE'S A GENERAL RABBIT IN THE HEADLIGHTS FEELING BY INVESTORS. WHERE DO WE GO FROM HERE? HALF THE CLIENTS I SPEAK TO WANT TO GET THEIR MONEY OUT AND HALF THINK IT'S A BUYING OPPORTUNITY. THERE'S NO REAL FEELING OF DIRECTION OUT THERE." MINERS WERE THE WEAKEST SECTOR, WITH ANGLO AMERICAN AND ANTOFAGASTA DOWN ABOUT 3 PERCENT EACH, FOLLOWED BY DROPS OF MORE THAN 2 PERCENT EACH FOR BHP BILLITON AND RIO TINTO . THE DECLINES CAME AS GOLD PRICES FELL TO A ONE-MONTH LOW, HIT BY A FIRMING DOLLAR. COPPER ALSO DIPPED IN EARLY TRADING AFTER HEAVY LOSSES IN ASIA, BEFORE RECOVERING TO RISE SLIGHTLY AS DATA SHOWED WAREHOUSE STOCKS OF THE METAL FALLING. FURTHER PRESSURE ON THE MARKET CAME FROM U.S. FUTURES, WHICH POINTED TO AN OPENING DROP ON WALL STREET. INFLATION AND INTEREST RATE TRENDS IN THE WORLD'S BIGGEST ECONOMY REMAIN A KEY FOCUS FOR INVESTORS, WITH JOBLESS CLAIMS AT 1230 GMT AND THE INSTITUTE FOR SUPPLY MANAGEMENT'S MAY MANUFACTURING INDEX AT 1400 GMT THE NEXT PIECES OF DATA TO WATCH. BUCKING THE TREND MAN GROUP FEATURED AMONG THE 20 PERCENT OF BLUE-CHIP STOCKS RISING AGAINST THE WEAKER MARKET. ITS SHARES CLIMBED 3 PERCENT AFTER THE COMPANY, THE WORLD'S LARGEST LISTED HEDGE FUND FIRM, REPORTED HIGHER THAN EXPECTED PROFITS AND SAID IT WAS CONFIDENT ABOUT ITS OUTLOOK FOR THE YEAR. BRITAIN'S FIFTH-BIGGEST BANK, LLOYDS TSB , ALSO STEPPED INTO THE SPOTLIGHT, UP 1.9 PERCENT AFTER IT HELD A DINNER MEETING WITH 14 ANALYSTS, WHICH TRADERS SAID INCLUDED UPBEAT COMMENTS. LLOYDS DECLINED TO GIVE DETAILS OF THE PRESENTATION BUT ONE DEALER SAID THE MEETING "GAVE THE IMPRESSION THAT THINGS ARE GOING FINE AT LLOYDS TSB", WHILE ANOTHER CITED POSITIVE COMMENTS ON TRENDS AND COSTS AT THE BANK. AMONG MID-CAP MOVERS, CAR HIRE GROUP AVIS EUROPE ROSE MORE THAN 4 PERCENT ON TALK THAT ITS BIGGEST SHAREHOLDER, BELGIUM CAR DISTRIBUTOR D'IETEREN , WOULD BID FOR THE REMAINING STAKE IN THE UK-LISTED GROUP. D'IETEREN, WHICH ALREADY OWNS ABOUT 60 PERCENT OF AVIS, DECLINED TO COMMENT. ON THE DOWNSIDE, HOMESERVE LOST 3.6 PERCENT AFTER UBS DOWNGRADED SHARES IN THE EMERGENCY HOME REPAIR COMPANY TO "NEUTRAL".
