Footsie subdued today

London's FTSE 100 Index retreated today following the previous session's confident progress as the market ended the week on a subdued note.

Oil stocks provided the main drag on the Footsie, which stood 19.3 points lower at 4130.3 by lunchtime after earlier falling as much as 33 points.

Even the prospect of a positive opening for New York markets failed to stir London, which was hit by weaker-than-expected second quarter GDP numbers.

One of the few bright spots came from high street bank Alliance & Leicester, up 3% or 36.5p at 863.5p after its interim results beat City forecasts.

The bank scotched fears that it would fall behind competitors in mortgage lending by managing to increase its share of a growing market.

But rivals had a mixed session with HBOS, which owns the UK's largest mortgage lender Halifax, recovering from earlier losses to sit 3.5p higher at 790p while Abbey National fell 1.5p to 489.25p.

A clutch of insurers joined Alliance & Leicester on the Footsie risers board, with Legal & General continuing to benefit from its own results yesterday.

L&G added 2.75p to 95.5p while Royal & Sun Alliance gained 3.75p to 150.25p,Prudential rose 6.5p to 432.5p and Norwich Union owner Aviva added 5.75p to 494.75p.

Among the biggest fallers was oil giant Shell as traders continued to digest details of its half-year results yesterday.

While profit figures beat expectations, there was some disappointment at its decision not to buy back more shares this year and shares were off 9p at 394.5p. Rival BP also eased 8p to 415p.

Outside the top flight, traders were keeping an eye on the retail sector amid reports that investment group Permira could finally be about to table a £1.5 billion offer for department store group Debenhams.

But with no news by lunchtime, shares in Debenhams lingered 3p lower at 430.5p.

And British Airways remained under pressure as management struggled to find a breakthrough to the ongoing dispute over clocking-on swipe cards.

The stock, which started the week at 171.75p, fell 2.5p to 165.5p.

Elsewhere, construction services group Carillion rose 3p to 154p after reporting that it was in line for one of the UK's largest ever public private partnership hospital contracts.

Carillion is part of a joint venture which has been named preferred bidder for a contract worth more than £1 billion to redevelop and maintain the Queen Alexandra Hospital in Portsmouth.