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* FTSE 100 steady in morning trade
* Focus on BoE's rate decision
* Hikma slumps after update
By Atul Prakash
LONDON, Aug 4 (Reuters) - Britain's top share index steadiedbefore a likely move by the Bank of England to cut rates onThursday, although drugmaker Hikma and precious metalsminer Randgold Resources slumped after their poorupdates.
The blue-chip FTSE 100 index was flat in percentageterms at 6,635.50 points by 0833 GMT after setting a newthree-week low of 6,615.83 earlier in the day.
Investors keenly awaited the Bank of England's likely movelater in the day to cut interest rates for the first time since2009, as Britain's economy teeters on the brink of recessionafter June's Brexit vote.
"The BoE is expected to cut the bank rate by at least 25basis points and to revise the economic forecasts significantlylower following Britain's decision to leave the European Union,"Ipek Ozkardeskaya, senior analyst at London Capital Group said.
"Of course BoE Governor Mark Carney will remind that amonetary easing will not be enough to solve the problems the UKmay be facing ahead. The Brexit is a major political issue,which will result in a sizeable structural change, hence thefiscal side of the play will be as important, if not more."
Some companies suffered heavily after their updates.
Hikma, down 14.5 percent and heading for its worst one-daypercentage drop in 8 years, led the market lower after sayingthat its full-year core operating profit from its generics unitwould be hurt by delayed approvals of new products andhigher-than-expected costs.
Randgold Resources, down 11.3 percent, also featuredamong the top decliners after it said its second-quarter profitfrom mining was flat as higher gold prices were offset by lowerproduction and increased costs.
"Randgold described Q2 2016 as one of the toughest quartersit has suffered 'in years', with results hit by a 46-day outageat one of Tongon's two milling circuits and throughput, recoveryand dilution challenges at Kibali owing to this mine'scontinuing transition to a mixed-ore feed," Shore Capitalanalyst Yuen Low said in note.
"These disappointments more than offset outperformance atLoulo-Gounkoto. Importantly, however, Randgold expects a betterH2 2016, which it believes should 'boost its 2016 results towithin its market guidance'," Low said.
Some companies gained on the back of strong results.
Aviva was up 4.8 percent after the insurer boostedprofits and cash generation in the first half of the yeardespite a challenging market backdrop, enabling it to raise itsinterim dividend.
Mid-cap company Serco Group surged nearly 12 percentafter the British outsourcing firm raised its 2016 profitforecast for the second time this year and said Britain's voteto leave the European Union could bring opportunities as well ascosts. (Reporting by Atul Prakash; Editing by Raissa Kasolowsky)
