Slight decline for FTSE
Uncertainty ahead of a key week for economic data meant the FTSE 100 Index stuck close to its opening mark today.
The Footsie stood 3.7 points lower at 6713 by 11.15am, as a 7% fall for platinum miner Lonmin cancelled out gains in the banking sector after further developments in the ABN Amro takeover saga.
The main driving force for the London market is likely to come later this week, with the release of inflation, unemployment, retail sales and GDP figures.
Royal Bank of Scotland lifted 2p to 642p after reducing the stock element of its latest bid for the Dutch bank, with its consortium now offering more cash as part of a revised £48.2bn (€71.24bn) bid.
Barclays was also up on the RBS move, ahead 11p to 735.5p, amid hopes among its shareholders that a successful RBS offer will mean Barclays is not exposed to the risks associated with integrating ABN Amro.
Despite the high-profile developments, Alliance & Leicester hit the top of the risers board with a gain of 36p to 1160p, suggesting that bid speculation had returned to the top flight stock.
Telecoms group BT also performed well, up 5.75p at 335.5p, after Merrill Lynch raised its rating on the stock from sell to buy. It came as BT unveiled prices for watching Premier League matches on its TV download service.
The heavy fall for Lonmin came after it said platinum ore from the eastern side of its Marikana mine in South Africa had been "more difficult to mill than planned". The resulting impact on sales targets meant shares dived 300p to 3978p, a drop of 7%.
Build Center business Wolseley also suffered losses for a while as brokers cut full-year profit forecasts for the group following a "disappointing" first half trading update. Shares later recovered to stand 13p higher at 1168p.
In the FTSE 250 Index, recently floated retailer Sports Direct International, run by billionaire Mike Ashley, dropped 1.25p to 190p amid press speculation the group may be heading for a profit warning.
