FTSE 100 opens lower

The FTSE 100 index opened at 5,362.10, continuing yesterday's falls with retailers leading the slide.

Despite a 19 per cent rise in profits for grocer Morrisons as cost-conscious consumers boosted sales, the supermarket's shares were down by 4.9 per cent by 09:00 BST.

A downbeat note from Cazenove led to the fall, as the analysts believe the stock is overrated.

Shares in DIY group Kingfisher were also lower, down four per cent to 132p, while shares in Marks & Spencer fell 2.42 per cent.

ITV shares were 4.71 per cent higher in morning trading, despite their ejection from the FTSE 100 last night. ITV will stay in the index until the changes come in on September 22nd.

Economic data due out today includes new construction orders from the Office for National Statistics, which will show the state of the property market.