Morning Markets: FTSE lower on poor company results

The FTSE has made marginal losses in early trading, weighed down by disappointing company results despite a rally from financial stocks.

London's blue chip index is down 5.72 points (0.12%) to 4911.08 at 9.45am. Tullow Oil has fallen 3.1% to £10.62 as its pre-tax profits plunged in the first half of the year as the firm felt the pinch of lower oil prices. The company posted a pre-tax profit of £34.8m in the six months to June 30, down 83% from £126m in the same period of the previous year. Advertising giant WPP Group slumped 3.08% to 504p as its results reflected the ailing global economy. Pre-tax profit for the first half of the year fell by almost half to £179.3m. Fresnillo and Cairn Energy are down 2.67% to 620p ...