Morning Markets: BP results drag on FTSE

The FTSE 100 opened slightly down, dipping 0.02% or 0.84 points to 5,246 in early trading, as BP posted worse then expected fourth quarter results.

The oil company was the morning's biggest faller, down 4.15% to £5.75 as it warned output could fall in 2010. Miners led early morning gains with Rio Tinto up 1.9% to £32.43. Kazakhmys grew 1.25% to £12.97 and Anglo American rose 1.24% to £24.08. Cable & Wireless was also up 1.95% to £1.46 after it said it was on track to demerge its Worldwide unit in March and announced a $500m bond sale. Financials could come under pressure this afternoon with the US Senate due to conduct a hearing into President Obama's banking reforms. However, banks are proving resilient this morning wit...