FTSE slips slightly

The FTSE 100 Index retreated from its six-week high today as the market lost momentum with the Independence Day break in the US.

The Footsie slid 28.9 points to 5855.5 by mid-morning as business on Wall Street closed at lunchtime yesterday and will stay shut until tomorrow.

It left traders around Europe without direction as shares in France and Germany also dipped.

In London, Cairn Energy continued its fall after a disappointing reaction to its latest trading statement yesterday.

Shares were off 24p to 2129p today, while fellow oil producers BP and Royal Dutch Shell sank 6.5p to 631.5p and 18p to 1904p respectively.

Corus was also on the slide as speculation over consolidation of the steel industry eased despite the proposed takeover of Arcelor by Mittal.

The stock has been buoyed in recent months on the hope that it may be the subject of a takeover bid but it fell 8.5p to 449.25p today.

And AstraZeneca was on the back foot after a broker cut its rating from buy to hold. Shares in the pharmaceutical giant fell 49p to 3215p and rival GlaxoSmithKline moved 18p lower to 1503p.

Among stocks making progress, Vodafone rose a penny to 118.75p, while Marks & Spencer continued its recent good form with a gain of 9.5p to 596.5p. M&S was helped by two brokerages raising their price targets on the stock yesterday.

Other retailers were lifted by the positive sentiment, with Dixons owner DSG International ahead 1.75p to 193p and Next 8p stronger at 1657p.

Outside the top flight, shares in brewer and pubs company Greene King rose 8.5p to 838.5p after it revealed a strong start to its new financial year. With the World Cup boosting demand, like-for-like sales at its managed pubs division grew by 5.3% in the first eight weeks of the period.