It looks like the long bank holiday weekend has started early in London.
Blue chip shares were mixed, with the FTSE 100 off just three points, though the fall would have been greater without support from mining stocks.
A slight uplift in UK consumer confidence in May had little effect on the market. The index moved up to -1 in May from -3 in April, but was still at its second lowest level since December 2014.
Things are a little less sleepy on Aim, where the FTSE Aim 100 index was up seven points (0.2%) at 3,458, while the broader-based FTSE Aim All-Share was also up 0.2%, of 1.3 points, at 735.7.
Leading the advance was Circle Oil PLC (LON:COP), up 30%, after a financial update.
Having warned last week that there was little prospect of equity holders' shares being worth much after a proposed rescue deal, spirits were lifted this morning by news that its lender, the International Finance Corporation, had given it more breathing space to complete its restructuring.
While Circle Oil had been granted permission to continuing suspending payments, Keras Resources PLC (LON:KRS) rose 4.4% as it received its first payment for some of its gold ore that has been processed.
Independent Oil & Gas PLC (LON:IOG) defied the weaker trend in the oil sector, rising 2.8% to 13.5p, as the market liked the upbeat tone of its full-year results.
A reversal of a previous impairment on oil and gas properties resulted in a £5.32mln profit for the year.
Full-year results from sector peer Clontarf Energy PLC (LON:CLON) got a far more severe reaction, with the shares plunging 22%.
“What can we do with Clontarf?” asked chairman John Teeling, after listing the efforts the company had made during the year to get things moving.
Teeling suggested a “reboot” might be in the offing. He also alerted shareholders to an impending change in the nominal value of the company's shares, which would make it easier for it to issue new shares in the future.
Away from the oil sector, though not far away, things were no better for Nature Group Plc (LON:NGR), the provider of port reception facilities and waste treatment solutions for the oil, marine and process industries.
When your main customers are having a hard time, it is not surprising if you end up suffering too, and such has been the case at Nature Group, which made an underlying loss (LBITDA) of £0.33mln versus a profit of £0.16mln the year before.
Snapshot
The FTSE 100 opened 7 points lower today at 6,258, despite an anticipated quiet start.
The top winner was Anglo American (LON:AAL), up just under 1.5% to 638p. Anglo American's De Beers said today it has appointed Bruce Cleaver as new CEO.
The biggest loser was Capita (LON:CPI), down more than 2% to 1,074p. Shares jumped 6% earlier this month after it reassured investors on its outlook.
Preview at 6.57am
FTSE 100 set for a quiet end to the week
It is expected to be a quiet day ahead of the Bank Holiday break with the FTSE 100 predicted to open just four points higher at 6,270.
The euphoria that accompanied oil’s climb above US$50 a barrel appears to have fizzled out and yesterday there was a bout of the jitters over the banking sector.
This was prompted by a surprise rights issue by one of Spain’s leading lenders.
In the Asia the picture was mixed with Japan’s Nikkei 225 gaining 0.4% after a hike to the country's sales tax was delayed. The Shanghai Composite was off 0.2%, while Hong Kong’s Hang Seng edged 0.1% lower.
On Wall Street, the Dow closed down 0.1%, while the broader-based S&P 500 finished the session flat.
All eyes (and ears) today will be on Cambridge Massachusetts, where US Federal Reserve chairman Janet Yellen will address an audience at Harvard University.
The markets certainly seem to be less jittery than they have been of late on the prospect of a rise in American interest rates.
Outside that, we will get an insight into the performance of the world’s largest economy when GDP figures are published later.
Stateside on Thursday there was positive news on durable goods orders, home sales and initial jobless claims.
Here in the UK it is expected to be a quiet day for both economic and corporate news.
*Brent crude was down 37 cents at US$49.22.
*Gold was down 80 cents at US$1,219.60.
*Bid Rumour: Tech giant Apple explored the idea of buying Time Warner last year, underlining the iPhone maker’s interest in offering its own content – Telegraph.
City Headlines
*Google has won a high-profile copyright case against Oracle, fending off a $9 billion damages claim and establishing a legal principle that is likely to have a broad impact on software development – FT.
*Dong Energy, the biggest developer of offshore wind farms in British waters, is gearing up for a £10 billion flotation. The Danish state-controlled energy company said that it would sell shares in a price range that would value the company at £8.5- £10.9bn – FT.
*The government’s proposal to save Tata Steel UK. could set a dangerous precedent, ultimately costing millions of pension savers up to £200bn in lost retirement incomes, experts warned – Times.