FTSE

The FTSE 100 opened in positive territory as strong results from majority-nationalised bank RBS crowned off a largely impressive results week for the UK banking sector.

The FTSE fell in early trading in reaction to losses on Wall Street overnight and a weak opening in European markets.

London's top stocks have given up some of yesterday's triple-digit gains in early trading, with the FTSE 100 down 0.72%.

The FTSE was down in early trading at 5311.91, representing a drop of 2.04 points (0.04%), ahead of US GDP data.

The FTSE edged slightly higher this morning, buoyed by upbeat earnings announcements from AstraZeneca and BAE Systems.

Banks pushed the FTSE higher by 0.55% to 5380.35 on news the Basel Committee proposed to water down its capital and liquidity reform package.

One of the most frequent assertions by fund managers across the UK investment press over the last year has been that, while the domestic economy may be set for anaemic growth, UK companies are set to fare a lot better.

Neil Gregson is cutting exposure to gold mining stocks in the City Natural Resources High Yield trust as he sees better value in base metal miners.

ASSET ALLOCATION

The FTSE 100 regained some of the ground it lost today in late trading, but still closed down 0.8% lower at 5,211 points.