The FTSE 100 has turned lower in mid-morning trade as commodity based companies cool off.

The FTSE 100 (INDEXFTSE:.FTSE) is lower 0.14% at 5,412.97 by 11.31am undoing the morning's strong gains.

Tullow Oil (LON:TLW) is higher 0.60 at 1,333.00, but the stock has come of intra-day highs - earlier Tullow was at a peak of 1375.

Tullow Oil is in favour this morning after it was revealed that an appraisal well drilled on the Tweneboa field offshore Ghana has shown it to be a major oil and gas-condensate field.

"There is little doubt that this is a significantly positive result, in particular the higher liquids yield is a real plus," said RBS analyst Phil Corbett.

The low end of the resource estimate for the field may grow from 50 million barrels equivalent to 150 million to 200 million boe; the mid-range estimate may grow from 250 million boe to 350 million to 400 million boe; but the top-end estimate will probably remain unchanged at 1.4 billion boe, he said.

The FTSE 100 had initially received a boost in part by a resurgent Dow Jones Industrial Average towards the close of play on Wall Street: "A partial recovery in the markets this morning as the Dow recouped some losses last night and Chinese GDP came in strongly as expected,  we have already seen some profit taking this morning from traders looking to take a quick turn on the back of yesterday’s weakness.

"Investors will be waiting for corporate earnings today with highly anticipated figures from Goldman Sachs and Google although expectations will already be pretty high so Dow futures may trade pretty flat until Goldmans figures are released. Dollar continues to rally against sterling with many clients backing it to remain strong for a while longer yet," says Arifa Sheikh-Usmani an Equity Trader at Spreadex LTD.

Dow Jones Industrial Average futures are indeed flat. At 11:43am GMT Dow futures are lower by 0.19% and this will indeed be suppressing sentiment in London.

Add to this dipping commodity prices and the scene is set for a dull period of trade.

Elswhere on the FTSE

Among the miners, Lonmin, Kazakhmys, Antofagasta, Xstrata and Randgold Resources are on the rise, recovering some of yesterday’s losses.

Supermarket giant Morrisons is lower despite reporting a 6.5% rise in like-for-like sales over the Christmas period, beating comparable figures from rivals Tesco and Sainsbury. In the 6 weeks to 3 January, like for like sales grew by 6.5% (6.8% including fuel), while total sales excluding fuel were up by 11.2% (10.8% including fuel).

London Stock Exchange revenue fell 9% during the third quarter, reflecting ‘testing’ market conditions, particularly in cash equities trading. Revenue dropped to £154.9m in the three months to 31 December, down from £169.4m a year ago, a 12% decline at constant currency, although it’s up 4% on the previous quarter.

Pubs group Enterprise Inns said recent trade has been variable, though Christmas business was strong. The group said there are signs that trade in what it termed its ‘better quality pubs’ is continuing to stabilise. Across the whole estate the year on year decline in average net income per pub eased to around 4% in the 16 weeks to 16 January, from around 8% during the last financial year.