Footsie untouched by rate cut

Investors are largely unmoved by the decision to cut interest rates by 0.25% to 3.75% - the FTSE 100 Index is down 41.7 points at 3637, where it has spent most of the day.

The tone in the City was set by a weak close on Wall Street last night and corporate results from UK companies did little to raise confidence.

Few sector-wide trends emerged in the morning and fallers include Capita Group down 7.5p at 204p, Tomkins off 7.25p at 196.5p and GlaxoSmithKline down 37p at 1111p.

Companies reporting results and that failed to make a positive impression include Shell - 16.5p lower at 362p - despite unveiling a surge in fourth quarter profits because of current high oil prices.

BP, which reports figures next week, is off 13.75p at 383.75p.