Despite a busy day for corporate news, investors are holding fire ahead of the midday interest rate decision from the Bank of England. Economists are in the main expected the Bank to leave rates unchanged, but there is an outside chance of another cut.
So with the uncertainty, the FTSE 100 has slipped 23.8 points to 6237.2.
As far as trading statements go, retailer Next has pleased the market - first quarter sales are disappointing but it is hoping for better things in the next three months. The warmer weather has seen sales pick up in the last eleven days, and Next said its internal forecasts for the year are closely in line with market expectations of profits of £475m to £505m.
In a buy note with a £15 target price Citigroup said: "Today's statement suggests the most difficult trading period this year may be over for Next. The tough environment has been planned for and this suggests a lower level of seasonal markdown."
Next has climbed 69p to £12.97p, also helping Marks & Spencer rise 14p to 409.5.p.
Software group Sage is 13.75p higher at 224.75p after half year profits rose 9%, while consumer goods group Unilever added 74p to £17.36 as first quarter sales beat expectations.
Kitchen equipment group Enodis jumped 40.25p to 283.75p as it agreed to a £1.03bn takeover by US group Illinois Tool Works. This 280p a share offer tops the existing bid from another American business, Manitowoc. Investors are hoping the latter comes back with a higher bid.
But Carphone Warehouse slipped 6.5p to 292.75p as takeover hopes faded in the wake of the agreed deal whereby US group Best Buy will pay £1.1bn for a 50% stake in Carphone's retail business.
Pubs group Enterprise Inns fell 7% on profit taking after yesterday's news it had been given permission by Customs & Revenue to convert into a tax efficient real estate investment trust.
Rivals rose on the basis they might follow suit, with Punch Taverns up 20p to 620p.
