Headline shares gave up all of their morning session gains after a solid start, to trade in the red as midday approached. At time of writing, the FTSE 100 was trading flat at 5255.33 after briefly falling into the red on the approach to lunch.

LONDON MARKETS

Those shares seeing losses during the morning session included BT Group (LON:BT.A), down 2.08% at 136.7p, Glaxosmithkline (LON:GSK) was off 1.7% at 1194, Capita Group (LON:CPI) was down 1.69% at 786p and the LSE was also down 1.64% at 629p. Those which gained ground included BP (LON:BP.), up 3.73% at 373.10p, Fresnillo (LON:FRES), up 1.95% at 1045p and Johnson Matthey (LON:JMAT), up 1.43% at 1633p

BP shares rose by a further 4% in early morning. Since closing at a low of 337p on Wednesday, the shares have climbed off the bottom, rising 6.7% yesterday to 359.7p and then a further 14.7p today. Investors have been encouraged by a rash of broker notes tipping the oil giant as a buy at this price level, saying that much of the political uncertainty has been removed with the decision to cut dividends for the rest of the year and the agreement with the US President to set up a $20bn compensation fund.

Public Sector net borrowing for May 2010 was £16.0bn which was slightly below forecasts. The Public Sector current account deficit for the month was £14.1bn which was £1.4bn lower than for the same month last year. At the end of May, public sector net debt was £903bn - equivalent to 62.2 % of GDP. Mortgage lending rose by 7%, compared to the previous month, to £11.3bn in May 2010. The Council of Mortgage lenders says that the market remains subdued and, while more buoyant than a year ago, turnover is a little below that seen towards the end of 2009.  Gross lending may marginally undershoot its existing forecast of £150 billion for 2010.

Renewable energy developer SeaEnergy (LON:SEA) is to seek a sale of its 80%-owned SeaEnergy Renewables Limited (SERL) business. The group reported a loss for the year of £6.5m, a 91% increase on its 2008 loss of £3.4m. The result included impairment provisions of £4.1m. Operating loss was £1.91m versus the previous £3.01m. The group's cash position at the end of 2009 was…

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