(MENAFN- ProactiveInvestors) Oil stocks weighed on London’s top share index at the midway mark.
Brent crude despite its recent mini-rally lost 2% of its value in early trades to sit at US$61 a barrel.
It meant Shell () () and BG () dragged the FTSE 100 lower.
The biggest faller however was () down 6.5% to 361p.
The Irish firm recently reported a £1.3bn pre-tax loss its first in 15 years and looks set to drop out of the FTSE 100 after this week’s quarterly review.
Today Tullow issued an update on a dispute over the maritime border between Ghana and Ivory Coast.
The firm said Ivorian authorities have applied for measures that could mean that Ghana is requested to suspend exploration in an area where it operates.
Overall the blue chip gauge was 10 points lower at 6936.
At one point the index touched a new record high of 6974 before falling back as commodity stocks weakened.
Data showed a pick-up in UK manufacturing in February but this was fuelled mostly by domestic demand as exports continued to fall due to economic stagnation in the Eurozone.
Looking ahead to the US open today sees the release of US personal income a manufacturing PMI and construction spending – although data may be delayed today due to the adverse weather in Washington DC.
In London industrial inspections outfit Intertek () shares stayed top of the FTSE 100.
Investors react favourably to full-year results which include a 6.7% hike in dividend and what is being taken as a positive outlook.
Mid-cap oil firm () shot up 20% as an update showed its lenders have given the troubled company another reprieve as it negotiates rescue refinancing.
Science and technology development firm Allied Minds (LON:ALML) surged 10% on speculation of a big deal for its Federated Wireless broadband infrastructure subsidiary according to the Financial Times.
In the junior market () stayed over 30% higher. The Latin American power group is to repay its loan facility with Radix after it sold a controlling stake in the Canchayllo hydroelectric plant in Peru.
() shares advanced 18%. The company said it is now ready to start a 60 day flow testing programme at the Petroleum Creek project in New Zealand.
E-commerce company Blur Group () held onto 8% gains. The Exeter based-firm said a US$17mln project kicked off in January on its online platform was to raise funds for a new Welsh cycling team.
Meanwhile shares in () reacted positively to the company’s plans to increase its processing capability.
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