Weak economic growth across the eurozone and reports suggesting Greece may not receive all of its bailout funds saw London’s leading shares index dip into the red today.
The FTSE 100 Index closed 7.7 points lower at 5,892.2 after official figures showed the eurozone contracting by 0.3% in the final quarter of 2011 as the Greek Parliament attempted to convince finance ministers it was committed to a tough package of austerity measures.
Banks were among the biggest risers in London’s leading shares index after Citigroup raised Barclays’ target price, citing the improvement in its capital position.
Barclays lifted 6.8p to 241.7p, Royal Bank of Scotland was up 0.3p to 26.9 and HSBC was 14.4p higher at 575.9p.
BP was among the biggest fallers despite winning approval to explore for gas in the South China Sea. Shares were 7.4p lower at 487.4p, while rival Royal Dutch Shell fell 30p to 2,331.5p.
In corporate news, Sports Direct International was the biggest riser in the FTSE 250 Index. Shares were up 15.2p to 278p after it said it would meet an earnings target of £225million for the year to April, while chocolate retailer Thorntons rose 2.5p to 19p even though it suspended it reported a sharp drop in profits.
The biggest Footsie risers were Icap up 11.1p at 377.2p, Tate & Lyle ahead 21p at 716.5p and Kingfisher up 7.9p at 278.9p.
The biggest Footsie fallers were AstraZeneca down 119.5p at £28.98, Anglo American off 82p at £26.90 and Schroders down 23p at £12.41.
Alan MacPhee, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that Weir Group rose 1.48% to close at £19.89, with Aberdeen-based Wood Group up 1.34% to 721.75p.
The day’s fallers included FirstGroup, dropping 0.96% to 299.9p.