FTSE edges down from 1-year high, earnings weigh

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* Blue (OTC BB: BUES - news) -chip FTSE 100 index falls 0.1 pct

* Smith & Nephew (LSE: SN.L - news) , Shell (LSE: RDSB.L - news) among top losers

* Rolls-Royce jumps on positive outlook

By Atul Prakash

LONDON, July 28 (Reuters) - Britain's top share index dipped on Thursday after hitting a one-year high in the previous session, with Smith & Nephew and Royal Dutch Shell (Xetra: A0ET6Q - news) falling after poorly received trading updates.

The blue-chip FTSE 100 index fell 0.1 percent to 6,742.22 points.

The mid-cap index rose 0.4 percent, helped by a 13 percent jump in Sports Direct after it announced a plan to buy back shares, and a 7 percent rise in Just Eat (Other OTC: JSTLF - news) to a record high after it upgraded full-year guidance.

The FTSE 100, whose international companies are less exposed to any weakness in the domestic economy arising from Brexit, is up 6.5 percent since the Brexit vote, while the domestically-focused mid-cap index trades just above its pre-Brexit level.

"The FTSE 100 is seeing some weakness as earnings from some heavyweight companies have disappointed. Given the recent run higher..., it would not be surprising to see a further pullback in the next sessions," said Jawaid Afsar, senior trader at Securequity.

But he said further upside could be on the cards, with 6,900 a target in the next few weeks.

Shares (Berlin: DI6.BE - news) in Smith & Nephew fell 4 percent, the top decliner in the FTSE 100 index, after Europe's biggest maker of artificial knees and hips said it continued to struggle with weak demand for its products in China.

Royal Dutch Shell fell 3.7 percent after reporting a more than 70 percent fall in quarterly profit, well below analyst estimates.

Lloyds, which plans to accelerate a cost cutting plan, fell 3 percent on concerns about its dividend.

"Lloyds still has a robust capital position ... However, lower capital generation impinges on the bank's ability to return cash to shareholders," Said Laith Khalaf, senior analyst at Hargreaves Lansdown (LSE: HL.L - news) .

"Lloyds has increased its interim dividend significantly, but if the Brexit axe is to fall anywhere it's likely to be on the special dividend at the end of the year."

The blue-chip FTSE index was underpinned by a sharp rally in shares of some companies following updates.

Engineering firm Rolls-Royce surged more than 13 percent after reaffirming profit would improve in the second half of the year. It also said its turnaround plan would deliver cost cuts at the top end of a guided range.

Miner Anglo American was up 5.8 percent after saying its net debt had fallen and that a cost-cutting and asset-sale strategy was on track.

(Reporting by Atul Prakash; editing by John Stonestreet)