BF: FTSE flat at midday as miners' weakness dents sentiment
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.
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 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 rose 15p at 1,163p, helped by crude ticking over $75 a barrel.
British Airways 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's channels business, Virgin Media Television, for up to £160m in cash.
Other notable gainers early on included interdealer broker ICAP, up 10.4p at 401.7p, satellite operator Inmarsat, 11p better at 796.5p, software house Autonomy, ahead 22p at 1,803p, and mobile phone giant Vodafone, 1.9p higher at 139.7p.
Mining stocks moved lower as metals prices eased on growth concerns, with Vedanta Resources the worst of them, down 40p at 2,255p. Kazakhmys lost 17p at 1,161p and Anglo American fell 19p at 2,586p, while BHP Billiton fell 26.5p at 1,813p and Antofagasta eased 7.5p at 875.5p.
Banking issues lost any positive signs as the morning progressed as Eurozone troubles continued to spook investors, with Lloyds ticking down 0.58p at 56.72p and Barclays losing 3.7p at 299p, while RBS slipped 0.79p at 45.21p and Standard Chartered fell 30.5p at 1,654.5p.
Insurer Prudential ran out of friends as a management team shake-up failed to emerge after dumping its AIG deal, off 1.5p at 564p, while peer Aviva fell 3.6p at 335.5p and Legal & General stumbled 1.1p at 79.55p.
Pharmaceutical stocks were also on offer, with Shire the worst of them, down 13p at 1,452p. GlaxoSmithKline dipped 7.5p at 1,185.5p and AstraZeneca lost 8.5p at 2,968.5p.
Further on the downside with blue chips, DIY group Kingfisher gave back 6.6p at 223p, Marks & Spencer lost 6.6p at 342.1p and property developer Hammerson sank to the foot of the table, losing 10.1p at 365.9p.
