THE FTSE 100 was 10.8 points higher at 6442.6 yesterday.

The European Central Bank is expected to cut interest rates next week.

This prospect meant Randgold Resources improved five per cent, or 270p to 5315p, while Chilean copper miner Antofagasta was 42p higher at 953.5p.

Vodafone added 3.2p to 196.4p after Reuters said the communications firm Verizon had hired advisors to prepare a possible £65bn bid to buy Vodafone’s stake in their US joint venture.

Standard Life continued to benefit from Wednesday’s better-thanexpected trading update, improving 11.2p to 391.9p.

Gillette and Head and Shoulders owner Procter and Gamble frustrated Wall Street by cutting its forecasts for the current quarter, while Flora and Magnum firm Unilever provided its own cautious update by reporting a slow start to the ice cream season in Europe and lacklustre sales growth in North America. Underlying sales were still 4.9 per cent higher in the first quarter, but this was below City forecasts for a rise of 5.6 per cent. Shares were down 85p at 2760p, a decline of three per cent, while rival Reckitt Benckiser was 55p cheaper at 4648p.

Pharmaceuticals firm AstraZeneca was another big faller as the loss of exclusivity on several of its products resulted in a 36 per cent drop in quarterly profits. The performance was in line with expectations, but shares still fell 64.5p to 3325.5p on fears about the strength of the company’s drugs pipeline.

And Elephant car insurer Admiral fell 29p to 1320p as it reported a six per cent fall in first quarter turnover due to ongoing pressure on UK car premiums.

The company, which also owns comparison website Confused, said it was not interested in growing market share at the current stage of the insurance cycle.