(MENAFN- ProactiveInvestors) The Footsie rallied in the afternoon session as hopes grew that Greece would successfully negotiate a debt settlement without having to leave the European Union.
The FTSE 100 finished 12 points down on the day at 6860 with resource stocks and supermarkets responsible for much of the damage. London’s blue-chip index was in retreat as oil giants gave back some of their recent gains.
With the price of Brent crude for March delivery down 3.2% at US$56.04 a barrel oil stocks were under the cosh and none more so than () which fell 5.2% to 396p.
Funds supermarket () was the worst performer however losing 79p at 966p as the group unveiled a drop in profits in its second half amid more "subdued" markets for investors.
Supermarkets of the more traditional kind also had a hard time of it with () down 2.4% to 181.5p and ’s off 2.2% at 266.7p.
FTSE 250 member () was 2.1% lower at 259p after Numis Securities downgraded the firm to ‘Sell’.
At the cheerier end of the Footsie leader board airlines easyJet () and IAG () moved up as the price of oil moved down. The former rose 47p to 1778p and the latter gained 7.5p at 542p.
Among smaller fry Group () soared despite the repeat of a profit warning due to reduced consumer spending in China.
The Chinese youth clothing and sportswear firm told investors that it is fundamentally undervalued following recent falls in the share price and the market took heed pushing up the shares 43% to 21.5p.
In the ever-busy small cap energy sector Nostra Terra () was wanted after it revealed production doubled over the course of the fourth quarter with net output averaging 169 barrels oil equivalent per day (boepd) in the month of December.
Shares shot up by 6.3% to 0.17p.
Among the miners () caught the eye as the size of the resource at Tulu Kapi in Ethiopia was increased after new analysis of existing data. Shares were 4.9% higher at 1.08p.
On the downside () shed 13.3% at 0.325p after it borrowed more money from its controlling shareholder ZCI. The funds will provide the company with additional working capital as it struggles to cope with lower copper prices.
Oil firm () tumbled 12.5% to 5.25p after it removed the “for sale” sign citing the plunging oil price as a major reason why none of the offers for the company met its valuation.
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