British blue chips slipped on Tuesday, pulled
down by oil and gas group BG <BG.L> after a strong run as well as
mortgage bank Abbey National <ANL.L>, which fell on the back of a
negative analyst note.
Shares in oil giant BP <BP.L> also stumbled,
down one percent even after it revealed profits towards the top end of
forecasts. Analysts said they were pleased with the result but cautious
about rising costs facing BP and its industry rivals.
The FTSE 100 <.FTSE> share index was down 15.7
points at 4,556.1 by 1123 GMT, taking back some of last week’s 0.7
percent gain. Oils and drugs exerted the most pressure on the market but
volume was a modest 930 million shares and market watchers remained
"There’s not a lot of selling pressure. Most of
the results that have come out like British American Tobacco and BP have
been okay, nothing to shake the market," said Stuart Fraser, investment
director at private client fund manager Brewin Dolphin.
"It may just be that the famous ‘sell in May
and go away’ is coming towards us because there’s nothing to really
drive the market on either," he added.
The FTSE is currently up around four percent so
far this month.