FTSE pushed down by US reports

The fall-out from a disappointing week for US earnings reports pushed the FTSE 100 Index back below the 4,800 mark today.

Nervous investors overlooked strong earnings from banking giant Citigroup and instead reacted to lacklustre figures from the technology sector, particularly the weaker-than-expected performance from eBay on Wednesday night.

With the Dow Jones Industrial Average down 0.7% overnight, the London market followed suit to leave the Footsie off 11.9 points at 4788.9 by mid-morning.

Economic data did little to boost sentiment with UK retail sales in December falling at their fastest pace for more than 20 years.

The ONS data was worse than expected, although the impact on retail shares was minimal because most firms have already reported trading figures.

Hopes of another strong year for mining stocks helped prop up the market after investors sent Antofagasta up 14p at 1144p and Xstrata 4.5p higher at 912p. Steel giant Corus spent a while at the top of the Footsie risers board but eased back despite speculation of another jump in steel prices.

The shares were up 0.25p at 52.25p.

National Grid Transco lost earlier gains achieved after energy regulator Ofgem gave its conditional approval to the sale of four of its gas distribution networks. The process is expected to lead to a return of cash to shareholders, although shares fell back 0.25p to 506.25p today.

Wolverhampton & Dudley was also in negative territory, even though it told investors that trading had been in line with expectations. Share were off 10p at 1119p.

In one of the few corporate announcements of the session, soft drinks group Nichols rose 2p to 163.5p after buying the Panda brand from privately-owned family brewer Hall & Woodhouse. Panda has annual sales of around £11.5m (€16.5m).