FTSE slips in morning trading

The FTSE 100 Index drifted lower today as a lack of major corporate news and a subdued session in New York combined to keep investors on the sidelines.

With US traders also winding down ahead of tomorrow’s Thanksgiving holiday, the lack of buying interest left the Footsie 14.2 points lower at 4741.5 by mid-morning.

The impact of heavyweight stocks Vodafone and HSBC going ex-dividend – meaning the stocks no longer carry the right to the latest dividend payment – also put pressure on the top flight index.

One of the session’s biggest stories came in the second tier after Luton airport owner TBI agreed a takeover by a Spanish infrastructure group.

TBI, which has seen its share price surge in recent weeks following continued bid speculation, edged close to the 92.5p offer price with a gain of 2% or 2p to 91.25p.

Back in the top flight, Tesco led the Footsie risers board after benefiting from a positive broker note.

The supermarket giant gained 3.5p to 299.5p and outflanked rival Sainsbury’s, which fell 4.5p to 263.25p.

Mobile phone group Vodafone lost some of its recent strength, with a fall of 1.75p to 142.5p after going ex-dividend. MmO2 recovered from a poor start to stand half a penny stronger at 116.75p.

In the FTSE 250 Index, food equipment group Enodis continued to benefit from its strong full-year results of yesterday as shares surged 7% or 7p to 100.5p.