Investors pulled in their horns today as the London market showed little appetite for a concerted push towards the 5400 barrier.
Mining stocks were strong for the second consecutive session, but losses in the banking sector helped to limit progress by the FTSE 100 Index to just 0.9 points at 5384.4 in the first hour of trading.
The FTSE is looking to extend a rally that saw it hit a new four-year high yesterday.
In the mining sector, Rio Tinto rose 42p to 2112p and BHP Billiton advanced 11.5p to 858p as investors continued to warm to their growth prospects and buoyant global demand for metals.
Supermarket chain Morrisons was unscathed despite unions voting to strike over pay and work conditions, with its shares moving 0.5p higher to 180.5p.
But there were further losses for Kingfisher as investors became more downbeat following half-year results from the B&Q owner yesterday, which showed UK profits down by a third. Shares were down 4.5p to 231p.
Banks were also lower with Barclays losing 2p to 563p and HBOS off a penny at 844p.
Elsewhere, Chrysalis shares failed to move from their opening mark of 152p on news that it was to sell its books business to focus on its core divisions of radio stations and music.
References: EGi News 16/09/05
