City trading gets off to tepid start

Trading in London shares got off to a tepid start today as a clutch of trading updates failed to inspire the market.

The FTSE 100 Index was stuck in a narrow trading range in the first hour of business, up 13 points at 3740.1, after initially slipping lower.

Banking stocks helped prop up the Footsie after a strong close to the week by the Dow Jones Industrial Average failed to kick start the Footsie.

With a number of banks due to report results this week, attention was focused on the sector with Lloyds TSB up 6p at 400p, HBOS ahead 7p at 602.5p and Barclays 4.25p stronger at 381p.

Investors also had a number of results announcements to digest today – but few of the companies involved made major moves.

One of the biggest stocks – worldwide advertising giant WPP – was little changed in early trading after sticking to forecasts that this year would be difficult before a possible trading revival in 2004.

Shares were up 0.75p at 403.25p.

Elsewhere, Anglo-Australian mining giant BHP Billiton rose 10p to 325.75p to top the Footsie risers board after announcing a rise in both turnover and earnings for the final six months of 2002.