FTSE 100

Shares on the FTSE 100 index suffered a setback today largely because the continued pressure on oil prices is beginning to take its toll on firms such as British Airways.

In the UK this morning the FTSE 100 index is trading down led by mortgage companies, HBOS and Northern Rock.

There was talk in the market of a takeover at Prudential by HBOS, however, the banking group quickly quashed any such suggestions to leave the FTSE 100 almost flat at close of business.

The benchmark FTSE 100 Index added 1.9 points, to 4618.30, led by Scottish & Newcastle after Merrill Lynch raised its recommendation on shares to ‘neutral' from' ‘sell'.

Warnings about the impact of interest rates on new house build demand caused the FTSE 100 index to close down on Tuesday, along with continued profitability pressure from the oil price.

Stocks in BP continued to climb in the UK this morning with oil trading in record waters, helping the FTSE 100 rise about 2 points to 4,709.

Stock markets didn't react too well when the London oil price hit another new high today, so most prices have struggled to hold any kind of position.

There appears to be little inspiration for traders on the London stock markets this morning, as the main index price opened virtually flat except for positive news for construction-related firms.

The FTSE markets are struggling to hold its position at the end of a fluctuating week, as Cable & Wireless and the company behind Demon internet services are suffering declines.

Tesco is likely to be the dominant stock on the FTSE 100 today, as its latest earnings figures indicate business is booming.