Shares slightly higher in early trading
MIDDAY REPORT: Headline shares were just slightly higher in midday trade, with supermarket operators climbing on the back of upbeat retail sales data, and with investors buoyed by signs of a positive start on Wall Street.
At high noon, the FTSE100 was up just 7.63 points at 5,310.5 with the FTSE250 ahead 64.38 points at 9,951.17 and the FTSE Smallcaps 8.31 points better at 2,793.52.
Strength in commodity issues managed to keep the main index just about in positive territory in early trade in London, with FTSE100 newcomer Essar Energy taking a starring role after first half-year results in line with analysts’ expectations.
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Essar said revenue rose 66% in the half year to end-June, but profits dropped due to higher crude costs and lower margins. Essar shares jumped 5.4p at 414p.
Other oil and gas producers were buoyed by the news, with Shell gaining 2p at 1,727.5p, BG Group ahead 2.5p at 1,038.5p, Tullow Oil 17p stronger at 1,321p and BP marginally higher at 397.7p. Meanwhile, crude slipped below $75 a barrel on Nymex.
