FTSE slips in first hour of trading
The final session of the quarter has started on a subdued note as uncertainty continues to dog the London market.
Shares rallied in late trading but the FTSE 100 Index slipped 18.9 points to 4275.1 in the first hour of business as investors again struggled to get to grips with economic recovery prospects.
The focus of the session was once more on the transport sector after Arriva warned revenues from its CrossCountry franchise were under pressure.
Shares fell almost 3%, or 11p to 411p, but in contrast shares in National Express were up another 5%, or 15.5p to 318.25p, after FirstGroup confirmed it had made a takeover approach to the rail and coach operator.
The housebuilding sector was given a lift after the Nationwide said prices rose for the third time in four months during June.
This was enough to lift Taylor Wimpey by half a penny to 33.75p and Bovis by 0.25p to 367.75p.
Carpetright failed to benefit after the floor coverings firm reported annual results at the bottom end of market expectations.
Shares dipped 3% or 18p to 580p after the company also revealed a sharp cut in its dividend.
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