FTSE treads water as US opens flat

London’s leading share index has slipped back mid-afternoon following disappointing news from consumer stocks, and a muted opening in the US.

The FTSE 100 was down 0.12% mid-afternoon, at 5,941, giving back early gains.

It moved lower as US markets got off to a weaker start, with the S&P 500 down 0.04% at 1,328.

In the UK retailers are weaker, with Mothercare down 9.23% to 401p, after slashing prices to clear its winter stock against a weak consumer backdrop.

Laura Ashley is down 16.83% at 21p, after warning UK consumer spending had weakened, despite revealing its full year pre-tax profit more than doubled on improved demand from its stores.

Dixons Retail has also fallen, down 7.82%, as has Debenhams, down 2.86% and SuperGroup, dropping 3.19%.

In Europe, Germany's Dax is down 0.10% while France's Cac 40 is down 0.68%.