MIDDAY REPORT: Headline shares traded lower as lunch approached following a range-bound morning where strength in retailers was offset by earlier weaknesses in mining and mobile telecoms.
As midday approached, the FTSE100 was off by 11.71 points trading at 5543.85 with the FTSE250 losing 34.4 points to trade at 10,459.9.
At time of writing the futures markets were pointing to a lower open on Wall Street.
Retailers were in focus this morning with DIY retail group Kingfisher announcing that self-help initiatives delivered robust growth in profit and strong cash generation in the half-year to end-July. Shares traded up 2.65% at 224.7p, a rise of 5.8p.
Comet retail chain owner Kesa Electricals said it recorded strong total revenue growth of 8.2% in the quarter to end-July, up 4.3% on a like-for-like basis.
There was 28% growth in web-generated sales with strong double-digit increases in all markets, particularly Darty France at 43%. This saw shares trade just under a percent higher, up 1.3p at 136.7p.
At lunch, other shares seeing gains included Eurasian rise 4.33% to 903.5p, with Cable & Wireless rising by 3.71% to 76.95p.
BP was also in the black, rising to 412.25p a gain of 2%. Royal Dutch Shell followed BP?s lead, rising 1.4% at 1887p.
Pearson saw a gain of 1.3% to sit at 1014p at the end of the morning session, with Tui Travel up a fraction over 1 percent at 223.4p
On the flip side, those shares pegging back the UK?s main index included Icap lead the way on the FTSE 100?s losers board, dropping 3.21% to 440.1p. BT Group was off just over 3% to 140p, with Bae Systems also seeing a drop, down 2.49% to 332.3p.
Wolseley was lower by 1.74% at 1409p, with Compass Group down 1.65% and Vodafone off by 1.49% to see them down to 536p and 158.65p respectively.
Milk producer Robert Wiseman Dairies warned this morning that operating profits will be impacted by around £7m in the second half of the year, as a result of recent intense competitive pressures hitting margins. This saw shares take a hammering to stand down 25.95% at 359.5p.
The aerospace sector was under pressure with engine maker Rolls Royce suffered from the fall-out on news that the WTO agreed that Boeing received illegal US government aid, with shares trading down 1.45% at 576p. This in turn saw BAE Systems lose 2.52% to trade at 332.2p
The Office for National Statistics reported today that year-on-year, the volume of retail sales in August was 0.4% higher than in August 2009.
Predominantly food stores decreased by 3.5% while predominantly non-food stores increased by 4.6%. Within predominantly non-food stores there were rises across all sectors apart from household goods stores which fell by 1.5%.
SharePrice.com will do their best to ensure the quality of the information displayed on this site, but all information is provided as-is. We cannot be held responsible for any loss, material or otherwise, due to incorrect information found here. All share prices are provided by the London Stock Exchange, and are at least 15 minutes delayed.