Blue chip woes hit Footsie

The FTSE 100 Index is 56.6 points lower at 4028.4 after dismal trading updates from Corus and Cable & Wireless.

C&W has slumped 29% - down 38p to 92.25p - after announcing the £800m (€1.26bn) bill for a restructuring plan which will cost 3,500 jobs worldwide.