The FTSE 100 Index recovered some of its earlier losses to close down 7.50 points, or 0.1%, at 6,232 points today, with ITV the biggest riser.
ITV jumped 6.16% to £1.12 on confirmation it is in early stage merger talks with cable group NTL.
SABMiller also rose 3.41% to £10.93 after it reported a 22% rise in half year pre-tax profit to $1.4bn from $1.1bn and said it remained confident for future trading.
On the downside, Royal & Sun Alliance fell 1.95% to £1.50 after it reported a drop in pre-tax profits for the first nine months of the year to £473m compared with £583m a year ago.
The miners were also hit by news of metal prices falling overnight. Rio Tinto dropped 0.94% to £29.62, Xstrata fell 1.88% to £23.54 and Kazakhmys declined 0.64% to £12.34.
Concerns the US Congress will look to cut the price of drugs following the recent mid-term elections took GlaxoSmithKline down 1.28% to £13.86 and AstraZeneca down 2.75% to £30.75.
In the US, the Dow Jones industrial average is down 30.89 points, or 0.25%, at 12,145.65 points, led by a weaker-than-expected reading in a gauge of consumer sentiment and rising crude oil prices.
Drug maker Merck is the biggest drag on the Dow, down 2.1% to $43.42. The pharmaceuticals sector is among areas analysts expect will come under intense legislative scrutiny in the months ahead after Democrats won control of Congress.
Cisco shares have risen $1.74 to $26.83, while shares of Qualcomm have slipped to $35.05 after the company said Japan's antitrust watchdog had notified its Japanese subsidiary of a possible investigation into its licensing and chip business practices in Japan.IFAonline
'We have better oversight'
50th anniversary of moon landing
Technical and behavioural factors
The Value Perspective