Footsie edges up

The FTSE 100 Index has reversed an early fall to gain 13.4 points at 3610.4 - suggesting yesterday's 87 point loss was an over-reaction to the Bank of England's surprise rate cut.

Oil stocks are proving a drag on the London market, with Shell continuing to decline after disappointing analysts with its annual results announcement yesterday.

Shell is 1% lower - off 3.25p at 356.75p - but BP has recovered early losses and is up 2.25p to 384.75p ahead of its own results, due next week.

Brewing companies are also under pressure, with SABMiller down 5.5p at 372.5p and Scottish & Newcastle off 4.5p at 361p.

In a quiet session for major corporate news, two FTSE 250 Index companies sparkled after issuing trading updates.

LogicaCMG up 12p to 121p after announcing it is on track to achieve £60 million annual cost savings and some of its key markets are stabilising.