Banks and oil offset retail gains

The FTSE 100 Index has edged up 13.8 points to 3834.4, with gains in retail and telecoms shares offset by weakness in the banking and oil sectors.

Safeway is up 8.75p to 313.75p, a 3% rise, after Philip Green, who owns Bhs and Arcadia, said he was considering a cash offer for the business.