FTSE down slightly

The FTSE 100 Index closed in the red today as a raft of disappointing earnings and falls among miners dragged the market lower.

But major declines were stemmed after UK economic growth figures came in as expected, with the London market closing 1.2 points down at 6068.2.

The Dow Jones Industrial Average in America also clung to its opening mark ahead of a key Federal Reserve decision on monetary policy, due after the market close in London.

UK figures showed gross domestic product grew by 0.5% in the first quarter of 2011, but the data showed underlying growth had been flat for six months.

However, the pound was up at US$1.65 and €1.12 as the figures matched City expectations.

Primark owner Associated British Foods was the biggest faller on the FTSE 100 after it warned profits would be impacted by sky-high commodity prices in its grocery and sugar businesses.

The caution overshadowed interim results showing a 7% rise in underlying pre-tax profits in the six months to March 5. Shares dropped nearly 6%, or 61p to 984p.

The other major casualty of the session was Barclays after the banking giant's first quarter profit of £1.66bn (€1.87bn) came in slightly below the market consensus, reflecting pressure on investment banking revenues.

The 9% drop in quarterly profits came after revenues at Barclays Capital, seen as an engine for growth at the firm, dropped 15% to £3.3bn (€3.72bn) as the group dealt with "a challenging external environment". Shares fell nearly 5% or 14.3p to 287.5p.

BP also missed forecasts after a slight drop in first quarter profits, but a stronger-than-expected performance in refining helped the embattled oil giant as its shares moved 1.8p higher at 466p. Royal Dutch Shell, which is due to post figures on Thursday, added 24p to 2317p.

Strong first-quarter growth and high inflation in China raised the likelihood of further interest rate hikes in the emerging economy.

A tightening of monetary policy would hit the country's burgeoning demand for raw materials, and consequently saw shares in mining stocks fall.

Antofagasta led declines in the sector, dropping 37p to 1359p, with silver miner Fresnillo losing 43p at 1606p and BHP Billiton off 55p to 2505p.

Aggreko was the star-performer of the session after the temporary-power provider reported a strong start to the year.

The company, which recently signed a deal with Tepco, the Japanese power firm hit by the recent earthquake and tsunami, said revenues were up 9% and expects 2011 trading profit to be slightly ahead of 2010. Shares lifted 4% or 76p to 1786p.

Outside the top flight, Pinewood Shepperton shares slipped 5% or 9.5p to 203.5p after the film studios business backed a takeover offer from Peel Holdings valuing the company at 200p a share, equivalent to £96.1m (€108.33m).

The biggest Footsie risers were Aggreko up 76p at 1786p, International Consolidated Airlines Group ahead 9.5p at 239.1p, Resolution up 11p at 305p and Carnival ahead 66p at 2432p.

The biggest Footsie fallers were Associated British Foods down 61p at 984p, Barclays off 14.4p at 287.5p, ITV down 2.95p at 72.8p and Centrica off 11.6p at 321.4p.