Blue chip stocks struggled for direction in afternoon trading amid reports that ITV will cut 120 jobs as markets slow following the Brexit vote.

The move comes after the broadcaster warned in July that following the vote to leave the EU it would look to make £25m in savings in 2017.

ITV intends to make the cuts across the business but does not plan to reduce its £1bn-plus annual programming budget, the Guardian said. The company employs 3,000 staff in the UK and 6,000 globally.

The FTSE 100 Index slipped 2.5 points to 7018, in a day with little key UK economic or corporate news for traders to chew on.

Shares in ITV lifted 1.8p to 172.8p, as investors backed the broadcaster's moves to cut costs.

In afternoon trading the biggest risers in the FTSE 100 Index were DCC (+190p to 6770p), Provident Financial (+77p to 3082p), EasyJet (+18.5p to 937p), Antofagasta (+1p to 528.5p) and Schroders (+48p to 2854p).

The biggest fallers in the FTSE 100 Index were Shire (-116p to 4937p), AstraZeneca (-91.5p to 4860.5p), WPP (-30p to 1719p), Hikma Pharmaceuticals (-32p to 1875p) and Pearson (-12.5p to 763p).

In afternoon trading the biggest risers in the FTSE 250 Index were Petra Diamonds (+8.8p to 148.6p), B&M (+9.3p to 247.8p), Senior (+5.3p to 179.8p), Riverstone Energy (+31p to 1240p) and CYBG (+6.4p to 277.3p).

The biggest fallers in the FTSE 250 Index were Cobham (-25p to 135.6p), NCC Group (-7.8p to 211.2p), Supergroup (-44p to 1369p), Countryside Properties (-7p to 234.3p) and Hunting (-14p to 525p).