Mixed morning on FTSE

The London market put in an edgy performance today as a fresh surge by mining stocks failed to produce significant progress for the FTSE 100 Index.

Expectations of a lacklustre opening for the New York market affected the mood, with the Footsie down 3.4 points at 4843.7 by mid-morning.

Investors are looking to better a figure above 4854.1 as it would represent the highest close since June 2002.

The continued strong performance of mining stocks gave some hope to the market, as BHP Billiton gained 8p to 661p after posting sharply higher output figures amid the strongest demand for industrial metals in years.

Rivals Xstrata and Rio Tinto were close behind, up 4.5p to 320.5p and 10p to 1658p respectively.

Despite the strength in the mining sector, drugs group AstraZeneca topped the risers board – up almost 4% – after posting robust annual results. Shares were 66p higher at 1968p.

Banking group Lloyds TSB was close behind, up 13p to 497.25p, as investors looked for positive figures from the company in forthcoming annual results.

Oil stocks were among the companies proving a drag on the market, with BP down 2p at 530.5p and Shell off 1.75p at 463.5p.

Vodafone was unchanged at 139.25p, following yesterday’s strong subscriber numbers, but rival mmO2 could not improve even though it added 1.18 million new customers during the final three months of 2004. Its shares dropped 0.75p to 124.25p.

Investors in the London Stock Exchange gave a favourable reaction to the takeover case presented by Germany’s Deutsche Boerse today, pushing its shares up 2.5p to 577p.

The share price is higher than the 530p contained in documents outlining a potential offer because investors have noted the bid interest shown by rival Euronext.