Headline shares were flat in midday trade, paring firm early gains, with weakness in the heavyweight mining sector outweighing hopes of a lift from US employment data later today. At high noon, the FTSE100 was down just 2.01 points at 5,209.17 with the FTSE250 off 52.33 points at 9,748.85 and the FTSE Smallcaps fractionally lower 2,780.73.  In New York, US stock futures were marginally higher, with investor focus on the imminent publication of May employment data.  Dow Jones Industrial Average futures added 10 points at 10,268, S&P500 futures gained a point at 1,104.6 and Nasdaq 100 futures were up 3 points to 1,900.75.

LONDON MARKETS

Anticipation of upbeat employment data from the US later today lifted sentiment in London but it was not enough to overcome the wider doubts over the global economic situation and a retracement in metals prices.
Oil producers provided momentum, with BP (LON:BP.) at the top of the tree, ahead 13.8p at 446.05p, on hopes it is closer to a resolution of the oil spill crisis, and as the chatter suggesting it is now a takeover target gathers pace. Peer Shell gained 9.5p at 1,783p and Tullow Oil Plc (LON:TLW) rose 15p at 1,163p, helped by crude ticking over $75 a barrel.

British Airways (LON:BAY) gained 2.1p at 207.9p as the latest of the cabin crew strikes came to an end, shrugging off news that 400,000 passengers have been lost thanks to the dispute.

Broadcaster BSkyB was up 1.5p at 582p after news it has agreed to buy Virgin Media Television from Virgin Media (LON:VMED) for up to £160m in cash.

Other notable gainers early on included interdealer broker ICAP (LON:IAP), up 10.4p at 401.7p, satellite operator Inmarsat (LON:ISAT), 11p better at 796.5p, software house Autonomy, ahead 22p at 1,803p, and mobile phone giant Vodafone Group (LON:VOD), 1.9p higher at 139.7p.

Mining stocks moved lower as metals prices eased on growth concerns, with Vedanta Resources (LON:VED) the worst of them, down 40p at 2,255p. Kazakhmys (LON:KAZ) lost 17p at 1,161p and Anglo American (LON:AAL) fell 19p at 2,586p, while BHP Billiton (LON:BLT) fell 26.5p at 1,813p and Antofagasta (LON:ANTO) eased 7.5p at 875.5p.

Banking issues lost any positive signs as the morning progressed…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here