London close: FTSE ekes out new record despite Greek uncertainty

23rd Mar 2015 17:19

After a subdued start, the Footsie managed to edge higher to a new record on Monday though worries about Greece limited upside for London's stocks.The FTSE 100 finished the session up 0.22% at 7,037.67, surpassing the previous all-time closing high of 7,022.51 set on Friday.Stocks on the continent however finished sharply lower with Germany's Dax in particular dropping 1.2% after reaching record highs last week."The London market has escaped the European sell-off as the spat between Germany and Greece couldn't cross the English Channel," said analyst David Madden from IG.He said that concerns about Greece were "the perfect excuse to take some money off the table" on European indices, though London's heavyweight mining sector provided some support to the FTSE.Greece's prime minister Alexis Tsipras warned Germany that Athens will not be able to service debt obligations unless the EU distributes short-term financial aid. The comments came as he met with German chancellor Angela Merkel in Berlin.Comments from European Central Bank president Mario Draghi were also in focus after he said inflation is likely to remain "very low or negative" in the coming months but should increase towards the end of the year. He said said the euro-area economy is "gaining momentum" partly as a result of the weakness in the single currency and weaker oil prices.StanChart, commodity stocks riseStandard Chartered jumped after having its rating promoted from 'neutral' to 'overweight' at JPMorgan. The broker said: "We believe that last week's UK budget may lead the market to attach a higher probability of strategic actions to change domicile and unlock value."Gold miner Centamin was the standout performer in the mining sector. Profits more than halved in 2014 as higher production was offset by increased output costs and lower commodity prices, however the stock surged after the company's maiden dividend smashed analysts' estimates.Others in the mining and oil sectors were also on the rise, such as BHP Billiton, Glencore, Shell, Antofagasta and Vedanta.Shares in Weir Group were being weighed down by a ratings cut at RBC Capital Markets, which said that the risk-reward for new investors is now balanced. The broker lowered its stance on the engineering outfit from 'top pick' to 'sector perform' and slashed its target price from 2,150p to 1,850p.Cruise operator Carnival Corporation also had its rating lowered to 'hold' over at Deutsche Bank, while aerospace engineer Meggitt was cut to 'neutral' by Bernstein. Market MoverstechMARK 3,245.00 -0.54%FTSE 100 7,037.67 +0.22%FTSE 250 17,551.23 +0.08%FTSE 100 - RisersStandard Chartered (STAN) 1,141.00p +6.49%BHP Billiton (BLT) 1,591.00p +3.38%Glencore (GLEN) 307.10p +2.61%Royal Dutch Shell 'B' (RDSB) 2,215.00p +2.03%Imperial Tobacco Group (IMT) 3,165.00p +1.93%Antofagasta (ANTO) 727.00p +1.75%3i Group (III) 505.00p +1.67%Hargreaves Lansdown (HL.) 1,214.00p +1.59%Royal Dutch Shell 'A' (RDSA) 2,094.00p +1.45%Smith & Nephew (SN.) 1,163.00p +1.31%FTSE 100 - FallersBurberry Group (BRBY) 1,828.00p -2.56%GKN (GKN) 367.30p -2.21%Weir Group (WEIR) 1,801.00p -2.17%Shire Plc (SHP) 5,565.00p -2.11%Meggitt (MGGT) 564.00p -1.83%Standard Life (SL.) 479.00p -1.56%Carnival (CCL) 3,151.00p -1.56%Whitbread (WTB) 5,350.00p -1.47%InterContinental Hotels Group (IHG) 2,661.00p -1.37%GlaxoSmithKline (GSK) 1,615.50p -1.19%FTSE 250 - RisersCentamin (DI) (CEY) 62.40p +16.09%Vedanta Resources (VED) 571.50p +8.86%Petrofac Ltd. (PFC) 982.00p +4.91%Entertainment One Limited (ETO) 320.40p +4.88%FirstGroup (FGP) 99.00p +4.16%Soco International (SIA) 174.30p +3.94%Serco Group (SRP) 187.00p +3.89%Cairn Energy (CNE) 162.60p +2.98%Ashmore Group (ASHM) 299.70p +2.81%Virgin Money Holdings (UK) (VM.) 393.60p +2.77%FTSE 250 - FallersHellermanntyton Group (HTY) 345.00p -4.35%Balfour Beatty (BBY) 224.90p -4.30%Ocado Group (OCDO) 362.40p -3.02%Workspace Group (WKP) 892.00p -2.62%Imagination Technologies Group (IMG) 217.00p -2.47%Pace (PIC) 349.20p -2.38%Thomas Cook Group (TCG) 142.20p -2.34%Renishaw (RSW) 2,519.00p -2.33%Fisher (James) & Sons (FSJ) 1,371.00p -2.14%Laird (LRD) 348.70p -2.05%