London midday: Stocks pare gains as election uncertainty kicks in

UK stocks bounced off a one-month low on Wednesday though gains were quickly trimmed as mining stocks dropped into the red and Sainsbury's extended losses after an underwhelming annual report.The FTSE 100 was up just 0.11% at 6,935.50 by midday, having pulled back after reaching a high of 6,974.82 early on. The index closed Tuesday's session at 6,927.58, its lowest finish since 2 April.Political uncertainty ahead of Thursday's elections was dampening risk appetite on equity markets. Not even a forecast-beating survey on the UK services sector could lift the mood.Spreadex analyst Connor Campbell said that "pre-game nerves" were having an effect on investors with less than 24 hours to go before voting begins. "Despite a brief bump following an eight-month high in UK services data, the FTSE hasn't exactly roared into life this Wednesday, limping its way to the most marginal of gains," he said.The Markit/CIPS UK services purchasing managers' index (PMI) rose to 59.5 in April from 58.9 a month earlier, more than the 58.5 predicted by analysts.Overnight the Chinese services PMI rose to a four-month high of 52.9, up from 52.3 in March but slightly below expectations.The ADP US employment report will be in focus on Wednesday afternoon. While it is only seen as a very rough guide to official US non-farm payrolls data, it still has the potential to move markets as investors predict the outcome of the government data due on Friday. Analysts predict the ADP figures will show a 200,000 increase in private payrolls in April after a 189,000 gain in March.Corporate earnings mostly impress but Sainsbury's dropsSainsbury's fell sharply after swinging to its first annual loss in a decade, though results still came in ahead of analysts' expectations. The grocer reported a loss before tax of £72m for the year ended March, compared with a £898m profit previously, prompting it to slash it full-year dividend by 23.7%.After an early fall, software company Sage surged by saying it's on track to meet 2015 targets, as it reported a 6.2% rise in organic revenue for the first half of this year.Imperial Tobacco gained after lifting its dividend 10% as its growth brands delivered strong growth and earnings beat expectations in the first half. Adjusted earnings per share were up 4% to 93.3p.Legal & General also impressed with an 8% increase in first-quarter net cash generation to £326m, while annuity sales jumped 19%.Engineering giant GKN was in demand after saying it still expects growth in 2015 as a strong automotive performance drove a 1% increase in organic sales in the first quarter.Vodafone was making decent gains after Exane BNP Paribas raised its rating on the stock to 'outperform' and lifted its target price from 220p to 270p. The broker said: "There are much better times ahead in our view."Mining stocks, which were performing well early on, had dropped into negative territory by noon with Antofagasta, Fresnillo and Randgold all registering losses.Market MoverstechMARK 3,189.27 +0.49%FTSE 100 6,935.50 +0.11%FTSE 250 17,448.16 -0.02%FTSE 100 - RisersSage Group (SGE) 525.50p +5.84%St James's Place (STJ) 897.00p +3.04%Imperial Tobacco Group (IMT) 3,207.00p +2.79%Mondi (MNDI) 1,317.00p +2.01%Dixons Carphone (DC.) 433.40p +1.76%BT Group (BT.A) 456.40p +1.60%International Consolidated Airlines Group SA (CDI) (IAG) 545.50p +1.58%Lloyds Banking Group (LLOY) 83.50p +1.32%Legal & General Group (LGEN) 260.50p +1.24%GKN (GKN) 352.30p +1.24%FTSE 100 - FallersSainsbury (J) (SBRY) 264.50p -3.82%Antofagasta (ANTO) 780.50p -2.25%Aberdeen Asset Management (ADN) 441.10p -2.11%Coca-Cola HBC AG (CDI) (CCH) 1,390.00p -1.91%Admiral Group (ADM) 1,540.00p -1.85%Glencore (GLEN) 309.45p -1.56%Randgold Resources Ltd. (RRS) 4,914.00p -1.54%Severn Trent (SVT) 2,053.00p -1.53%Anglo American (AAL) 1,151.00p -1.33%Fresnillo (FRES) 721.50p -1.23%FTSE 250 - RisersSupergroup (SGP) 1,068.00p +7.12%Aveva Group (AVV) 1,842.00p +5.26%Evraz (EVR) 203.50p +4.68%Ocado Group (OCDO) 371.40p +4.41%Wetherspoon (J.D.) (JDW) 763.50p +3.74%Soco International (SIA) 196.50p +3.37%Premier Oil (PMO) 184.60p +2.90%Ophir Energy (OPHR) 145.90p +2.31%Betfair Group (BET) 2,351.00p +2.08%Home Retail Group (HOME) 164.30p +1.80%FTSE 250 - FallersCentamin (DI) (CEY) 61.50p -4.43%Enterprise Inns (ETI) 118.90p -3.65%Man Group (EMG) 177.70p -3.16%Kaz Minerals (KAZ) 261.90p -2.86%Greene King (GNK) 797.50p -2.68%Big Yellow Group (BYG) 641.50p -2.36%Spirit Pub Company (SPRT) 109.40p -2.32%NMC Health (NMC) 760.50p -2.19%Vedanta Resources (VED) 662.00p -1.85%Close Brothers Group (CBG) 1,517.00p -1.81%