FTSE falls slightly

The FTSE 100 Index failed to move far from its opening mark today despite a boost from across the Atlantic and a string of positive corporate updates.

By mid-morning, the Footsie stood 1.6 points lower at 4883.3 as momentum from New York failed to sway investors.

The Dow Jones Industrial Average had lifted more than 110 points last night on the back of lower oil prices. The cost of a barrel of crude in New York edged slightly higher today to $48.84.

In London, Yellow Pages owner Yell was the highest top flight climber after unveiling a deal worth £829m (€1.2bn) for a leading directories publisher in California and Texas.

The stock rose nearly 5% or 18.25p to 416p as it also reported a 12% rise in annual underlying earnings to £402.8m (€586.5m).

Pubs group Enterprise Inns cheered 10.5p to 733p after it shrugged off the tough conditions suffered by many of its rivals to reveal better-than-expected first half profits.

Airports operator BAA was also in the black, advancing nearly 2% or 12p to 615p as it posted a forecast-beating 18.8% hike in annual profits after a record number of passengers used its airports.

But news that Marks & Spencer has appointed a new chairman to replace Paul Myners failed to please investors.

Shares weakened 1.5p to 324.5p after M&S said Lord Burns, a former permanent secretary to the Treasury, will become deputy chairman in October and will take the lead role in July next year.

Outside the top flight, shares in office pot plants and washrooms group PHS soared 13%, 11.75p higher at 99.5p, after the company confirmed rumours that it was the subject of takeover interest.

Telecoms equipment group Marconi added 2.5p to 272p despite warning it faced a £50m (€72.8m) hit to revenues this year following its failure to land a major BT contract.