Footsie hovers at opening level
The FTSE 100 Index is up just 6.5 points at 4035.1, settling back after a volatile morning which saw it both gain and lose 40 points.
Schroders is the biggest riser, reversing some of yesterdays slide as it added 5%, or 232p at 494p, after Merrill Lynch upgraded the stock.
Gallaher is also making headway, up 23p at 657p. It cheered the City with a deal to move into China, the world's biggest cigarette market, and forecast-beating interim figures.
Retailers are also enjoying a modest improvement in sentiment, despite a survey today showing high street sales growth is at its weakest for nearly two years.
GUS has gained 7p at 487½p, Kingfisher has added 2¾p at 197¼p and J Sainsbury has put on 7p at 311½p.
But International Power has shed 12%, or 15¾p to 113½p, after it lowered its earnings forecasts for next year.
Granada is another faller, 4¾p weaker at 75½p, after Merrill Lynch lowered its price target over concerns about advertising growth.
And British Airways has slipped 3%, off 3¾p at 136¼p, as traders awaited the release of the group's traffic latest figures this afternoon.
Among smaller stocks, Logica has plunged 19% - down 29½p to 128½p - after reporting a 25% drop in annual pre-tax profits.
