Update filed at 0930hrs

Tullow Oil was the worst performer in opening trading this morning amid rumours that it has lost an exploration licence at a site in Uganda.
Local press reports in the country suggest that the government has withdrawn the operational licence for the company’s Kingfisher field site.

Shares nudged downwards by 3.5 per cent to 1,215 pence. Earlier this week in its interim results, the company had trumpeted the success of its operations in Uganda as one of the reasons for strong results.

The FTSE 100 was down overall in early trading with most activity on pause until the release of the UK’s second-quarter gross domestic product (GDP) data and a presentation from the US Federal Reserve last today.

BP also found itself on the losers’ list, down 2.2 per cent at 377 pence, while Royal Bank of Scotland hit the skids, down 1.7 per cent at 43.1 pence.

There was a scattering of gains, however, with Cable & Wireless Worldwide leading the pack, up 1.5 per cent at 63.6 pence ahead of credit referencing agency Experian which gained 1.2 per cent at 624 pence.

Essar Energy was also up 1.1 per cent at 407.1 pence.