RTRS: FTSE inches up as defensive gains offset weak oil
Britain's leading share index inched up early on Thursday, with gains in defensive companies and banks offsetting declines in energy stocks weighed down by a weak oil price.
By 0909 GMT the FTSE 100 .FTSE was up 4.59 points at 4,011.64 after falling 0.7 percent the previous session.
Gloom on the global economy kept wary investors on the sidelines.
"There's a mixed picture, weakness in the oil price is pressuring energy stocks but we're still awaiting clarification on the (U.S.) bailout package and how measures will filter through," said Richard Hunter, head of UK equities at Hargreaves Landsdown.
U.S. president Barack Obama pledged up to $275 billion on Wednesday to help families refinance their mortgages.
Obama and the Federal Reserve chairman tried to persuade a sceptical public that steps taken to ease the credit and economic crisis will work.
However, minutes from the last FOMC meeting show the U.S. central bank policymakers largely gave up hope for economic growth in 2009 and discussed setting an inflation target as a deepening recession heightened fears of a dangerous decline in prices.
The grim economic backdrop has seen investors buying into shares seen as resilient to recession.
"We've seen a bit of strength in defensive shares recently amid the nervousness and that theme seems to be continuing," Hunter said.
