Headline shares were slightly lower in quiet pre-holiday trade, investors cautious ahead of the latest UK GDP reading due later this morning and the equivalent US numbers due out this afternoon. At 8:30am, the FTSE100 was down just 8.67 points at 5,147.17 with the FTSE250 ahead 32.27 points at 9,710.21 and the FTSE Smallcaps 10.43 points higher at 2,761.57. In the US last night, the Dow fell 74 points at 9,986, the Nasdaq Composite lost 23 points at 2,119 and the S&P500 shed 8 points at 1,047. In Asia today, the Nikkei closed up 85 points at 8,991, while the Hang Seng was recently down 16 points at 20,596.

LONDON MARKETS

Investors in London were cautious ahead of the latest revision of UK GDP to be released later this morning, with US figures and a speech by Fed Chairman Bernanke this afternoon also providing food for thought.

Oil exploration company Tullow Oil Plc (LON:TLW) slumped to the foot of the FTSE league table following news that the Ugandan government revoked its licence. Tullow shares tumbled 53p at 1,206p. Peers BG Group (LON:BG.) and BP (LON:BP.) suffered in sympathy, also hit by a weakening crude price, down 7p at 1,045p and 7.4p at 378.2p, respectively, although Shell bucked the trend, adding 4.5p at 1,656.5p. Midcap Dana Petroleum Plc (LON:DNX) slipped 3p at 1,803p, despite more than tripling half-year profits.

Financial issues were out of favour, with Lloyds leading the banks lower, down 0.77p at 67.11p and Royal Bank Of Scotland Group Plc (LON:RBS) off 0.46p at 43.39p. Insurers eased back as M&A chatter waned, with Legal & General the runt of the litter, down 1.05p at 90p. Aviva (LON:AV.) fell 1.1p at 377.2p and Prudential (LON:PRU) lost 3.5p at 549.5p, while auto specialist Admiral Group (LON:ADM) lost 7p at 1,517p as profit-takers moved in after recent strong gains.

Aero engine maker Rolls-Royce dropped 5p at 554p after news that technical problems had again delayed the first deliveries of the long-awaited Boeing Dreamliner, for which it supplies power plants. On the upside with blue chips, a better-than-expected cut in losses at partner Iberia gave British Airways (LON:BAY) a boost, the shares climbing 1.8p at 212.4p. Product testing company Intertek Group (LON:ITRK) jumped 16p at 1,706p after announcing…

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