Footsie edges higher

London’s benchmark FTSE 100 Index edged higher today as leading shares took a lead from an overnight rebound on Wall Street.

The Dow Jones Industrial Average ended the session ahead after the London market had closed yesterday and this helped to give shares an early boost today.

After an hour of trading, the blue chip Footsie was up 8.6 points at 4108.7.

But better-than-expected half year figures from the Royal Bank of Scotland contributed little to the mood.

Despite strong earnings growth from soaring consumer lending and income from insurance and corporate banking operations, Royal Bank’s shares dipped as investors took a more cautious view on its outlook.

Shares fell 47p to 1695p while rival HBOS jumped 3.5p higher to 775p.

Other banks were also feeling the pinch with Barclays off 0.5p at 453.75p and HSBC slipping back from yesterday’s gains with a 5.5p fall to 772p.

Standard Chartered, which reports its own first half results tomorrow, was down 1.5p to 793p after it was reported to have won a banking licence in South Africa.

Leading the Footsie risers board was drugs group Shire Pharmaceuticals which rose 16p to 465.5p.