FTSE 100 regains ground as Wall Street edges higher at open

An opening rise on Wall Street has helped the FTSE 100 into positive territory after its earlier fall.

The US market is taking some encouragement from a number of big corporate results, including United Parcel Service and Emerson Electric, although there is also some nervousness ahead of a testimony by White House advisor Paul Volcker on plans to curb banks' risky trading. US pending home sales have come in pretty much in line with expectations, up 1% in December.

So with the Dow Jones Industrial Average up nearly 20 points the FTSE 100 has moved 14.25 points higher to 5261.66. BP shares however are still under pressure after its disappointing results, down 25.9p at 568.7p.

Miners are in the ascendency, with Eurasian Natural Resources Corporation up 37p at 971p and Kazakhmys climbing 44p to £13.25.

British Land is 15.9p better at 457.9p as Deutsche Bank repeated its buy recommendation although it cut its price target from 540p to 505p.