(MENAFN- ProactiveInvestors - UK) The top flight edged into positive territory on Thursday as investors awaited two significant economic events in Vienna, although small caps drifted.
The FTSE 100 Index climbed 15.78 points to 6207.71 but the FTSE Small Cap Index was nine points off at 4560.76.
Oil prices were on the up amid hopes of positive news from Opec's meeting in the Austrian capital, although experts cautioned that cartel members were unlikely to freeze or reduce production.
The price of a barrel of Brent crude increased 0.28% to US$49.86 and US light crude lifted 0.183% to US$49.1.
The European Central Bank was also due to hold a press conference in Vienna later.
Connor Campbell at spread-betting firm Spreadex said: 'Analysts expect the central bank to revise the Eurozone's inflation forecasts higher, in part due to the black stuff's recent rallies.
'Stimulus-wise, there will likely be little new on the table, perhaps explaining why the DAX and CAC have started the day at -0.1% and 0.1% respectively.'
In the UK, the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers' Index posted 51.2 in May, down from 52.0 in April and only slightly above the critical 50.0 no-change mark and worse than analysts' expectations of 51.9.
The latest reading signalled the weakest overall rise in business activity for almost three years.
In the market, Conroy Gold & Natural Resources Plc (LON:CGNR) jumped 14.9% to 27p on news that it had started a drilling programme on its licences on the Glenish and Clay Lake - Clontibret gold prospects in Ireland.
Shares in Petroneft Resources PLC (LON:PTR) advanced 0.2p to 2.275p as production rose sharply due to encouraging results on wells drilled at the Arbuzovskoye field in Tomsk Oblast, Russia.
Premier Veterinary Group PLC's (LON:PVG) stock fluffed up 9.1% to 150p as its wholly-owned subsidiary, Premier Vet Alliance (US), signed a deal with US veterinary distribution co-operative Veterinary Products, Inc. (VPI) to supply its preventative health programme for pets to VPI's 600-plus member hospitals.
But Nighthawk Energy (LON:HAWK) backtracked 17.1% to 0.85p after the US-focused oil developer and producer posted a 38% fall in group revenue to US$29.6mln in 2015, due mainly to lower oil prices.
And Sabien Technology Group Plc (LONL:SNT) retreated a penny to 5p as the energy efficiency technology firm predicted annual losses of up to 1.7mln.
Back in the top flight, chemical group Johnson Matthey (LON:JMAT) led the risers with a 2.4% gain to 2896p after reporting lower profit but increasing its dividend.
Snapshot at 8.15am
The FTSE 100 fell slightly to 6,191, a muted drop of 0.01% or 0.85 points.
The top winner was Johnson Matthey (LON:JMAT) at2,873p, up 46p or just over 1.5%.
Taylor Wimpey was the biggest loser at 189p, down 8p or just over 4%.
Stocks set for dull start ahead of ECB and Opec meeting
Preview at 6.52am
UK blue chips are set to open lower, after mixed signals from overseas markets overnight.
US indices made modest progress last night, with the Dow Jones average and the S & P 500 both a couple of points higher; the former at 17,789 and the latter at 2,099.
The tech heavy Nasdaq Composite rose four points to 4,953.
Investors likely have more than half an eye on tomorrow's US jobs report for May, while the meeting of the oil producers cartel, Opec, is also sure to be preying on traders' minds.
'Today's OPEC meeting in Vienna got a lot more interesting yesterday following reports that the group will consider setting a new output ceiling. OPEC has been producing around 32.5 million barrels per day recently, well above the 30 million barrel ceiling that had previously been in place,' noted Craig Erlam at forex trading platform OANDA.
'I highly doubt any ceiling would require a cut in current production levels, given the reluctance to do reduce output until now. Even a freeze would be very surprising given that its plan to let the markets balance themselves by pricing out higher cost players is finally baring some fruit. Any freeze at this stage, which may lift prices even further, would only ease the pressure on those higher cost producers that are currently feeling the strain. If a new ceiling is agreed, I would expect it to be above current levels which would give OPEC room to increase output some more if it wishes, but even this may be tough to agree for the group,' Erlam added.
Towards the end of trading in Asia, the Nikkei 225 index was 300 points in the hole at 16,656 but in Hong Kong the Hang Seng was 22 points to the good at 20,783.
In the UK, the Footsie, which shed 39 points yesterday, is expected to give up another 10 points or so to open around 6,181.
The European Central Bank (ECB) is set to give its latest policy update followed by the press conference, where journalists attempt to drag out nuggets of information from ECB boss Mario Draghi.
In the UK, the Construction Purchasing Managers' Index reading is out early doors.
On the corporate news flow front, platinum refiner Johnson Matthey PLC's (LON:JMAT) results are expected to be a mixed bag.
On the small cap scene, first quarter figures from pre-revenue drug developer Summit Therapeutics (LON:SUMM) will, in all probability, largely be an exercise in rounding up progress made to date this year on its two flagship programmes.
Commodities update Brent crude: +13 cents at US$49.85 a barrel Gold spot: +US$1.88 at US$1,214.86 an ounce Market rumour
The FT reports that Saudi Arabia's sovereign wealth fund is investing US$3.5bn in taxi-hailing app maker Uber. This would make it the largest single investment ever made in a private company.
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