FTSE slips slightly

Top-flight stocks drifted lower today despite a solid session for miners cheered by results from BHP Billiton.

The Anglo-Australian firm’s record profits of US$15.4bn (€10.45) – in line with expectations – lifted several of its peers but there was little else to drive the London market forward.

By mid-morning the FTSE 100 Index had slipped 17.6 points to 5437.2, with only a slight increase in crude oil prices after recent falls offering mild concern to investors.

Among the miners, BHP Billiton lifted 10p to 1539p, while Kazakhmys added 11p to 1184p and Anglo American rose 67p to 2803p, although firms gave back some of the stronger gains made earlier.

Oil prices creeping above US$114 a barrel on concerns over storms in the Gulf of Mexico helped the likes of Royal Dutch Shell and Tullow Oil, up 19p to 1782p and 20.5p to 697.5p respectively.

But British Airways was one of the casualties of the higher prices, shedding 6.25p to 254.75p. Cruise ship firm Carnival was 66p lighter at 1919p, while in the second tier budget airline easyJet was 12p lower at 354.25p.

Bradford & Bingley shares were closely watched after investors bought more than one in four of the new shares offered under its £400m (€507m( rights issue. Underwriters will have the task of trying to find buyers for the rest, potentially putting shares under pressure. The stock edged 0.25p higher to the rights issue price, 55p.

Elsewhere, Woolworths shares jumped by more than 15% after it said it had received and rejected an approach for its retail operations from Baugur-backed food chain Iceland. The stock was 1.03p higher at 7.68p.

Property website Rightmove tumbled 21.75p to 298.25p after it emerged the trade body representing estate agents planned to create a free advertising website.