- The FTSE 100 slipped marginally by 4.23 points to 7,358 on Thursday morning after the US Federal Reserve confirmed its plan to increase borrowing costs as inflation firms.

Smith & Nephew (SN.), the medical equipment manufacturing company, dropped 6.7% to 1,307p after it cut its full year underlying revenue growth forecast to 2-3% following a weak first quarter.

IMI (IMI) lost 4% to 1,083p as it warned of continuing uncertainty for some of its major divisions, and a 4% headwind from adverse FX movements.

Trinity Mirror (TNI), the newspaper publisher, saw its like-for-like group revenue fall by 9% in the four months to 29 April, as severe weather conditions hurt circulation revenue. The shares slipped 0.8% to 85.9p.

Rolls-Royce (RR.) edged down 1.2% to 826.8p after saying trading is in line with expectations but costs are expected to rise following a requirement for more regular Trent 1000 inspections.

Glencore (GLEN) said copper, and cobalt output rose in the first quarter of the year but silver and gold production fell. The company's full-year production guidance was unchanged, while earnings from its trading arm were expected in the top half of a $2.2bn to $3.2bn range, lifting the shares by 1.3% to 362.5p.

James Fisher (FSJ) added 2.7% to 1,752p after saying its outlook for the year was positive, as trading in the first four months of the year was in line with management expectations. Story provided by