Britain's FTSE underperforms Europe after Draghi promises policy review

* FTSE up 0.4 pct after ECB conference

* Travis Perkins (LSE: TPK.L - news) slumps on weak outlook

* Anglo falls after deferring investment decisions

* Ex-divs take off nearly 9 points (Adds closing prices)

By Alistair Smout and Kit Rees

LONDON Oct 22 (Reuters) - Britain's top share index edged higher on Thursday, failing to match a sharp rally in euro zone shares after European Central Bank President Mario Draghi stoked prospects of further monetary easing, sending the euro lower.

Britain's FTSE 100 was volatile immediately after Draghi said that the ECB would keep its asset-purchases unchanged but would re-examine its policy at its meeting in December.

The index closed up 0.4 percent at 6,376.28 points, with the pound's strength against the euro counteracting renewed appetite for equities following Draghi's comments. Euro weakness fuelled outperformance in euro zone shares, up 2.1 percent.

"Draghi's comments today indicate to us that the ECB has noted the stubbornly slow return of inflation to target and raises the possibility of further unconventional easing before the end of the year," said Alastair George, Chief Strategist at Edison Investment Research.

The index's performance was also hindered by disappointing earnings updates from Travis Perkins and Anglo American (LSE: AAL.L - news) .

Travis Perkins, the owner of DIY stores Wickes and heating supplies group BSS, fell 6 percent after saying that its full-year earnings would be at the lower end of market expectations.

Anglo American fell 1.3 percent after it said that it was postponing major project investment decisions at its platinum unit until at least 2017 and had cut diamond production in the face of weak demand.

Educational publisher Pearson (Xetra: 858266 - news) also struggled, losing 4.9 percent after several broker downgrades.

Its shares set a record one-day loss of 16 percent on Wednesday after saying that lower enrolments at some U.S (Other OTC: UBGXF - news) . colleges and a decline in school textbook purchases in some parts of South Africa would hit full-year results.

"The most concerning thing for us about Pearson's weak 9mth update is how little visibility they seemed to have at 1H results on 24th July," Barclays (LSE: BARC.L - news) analysts wrote in a note.

"It (Other OTC: ITGL - news) is hard to see this share price fall as an opportunity."

Several firms traded without entitlement to their latest dividend payout, with companies going ex-dividend taking off 8.9 points, according to Reuters calculations. (Editing by Jermey Gaunt and Angus MacSwan)