The FTSE 100 takes its cue from weak trading in the US and Asia overnight to trade down 0.3% at 7,418.08.
British Airways owner International Consolidated Airlines (IAG) gains 2.1% to 606.7p as it brushes off May's major IT failure to report operating profit before exceptional items for the first half up 35% to €975m.
Banking firm Barclays (BARC) reports a 13% advance in first half pre-tax profit to £2.34bn. The increase is ignored as investors mark the stock down 1.3% to 206p on news it is putting aside an extra £700m for compensation claims relating to PPI.
A combination of increased pension costs, business rates and cost of sporting rights sees adjusted earnings fall 2% at BT (BT.A) in its first quarter. Revenue is 1% higher at £5.84bn but the shares fall 1.5% to 311.6p in response.
Electronics business Laird (LRD) gains 4.9% to 149p as it reports a substantially improved performance in the first half with underlying pre-tax profit up 47% to £24.1m. Laird was floored by a massive profit warning as it was hit by declining volumes of smartphone sales.
Chief executive Tony Quinlan says: 'The recovery has been underpinned by our relentless focus on driving operational improvements and this remains an ongoing priority for Laird.
Events company UBM (UBM) falls 0.8% to 712p as it reports relatively sluggish growth for its major exhibitions of 2.2%. In an attempt to win the market over the company says it will accelerate dividend growth in the future and update on its new divi policy in the next few months.
