(MENAFN- ProactiveInvestors - UK) London's top flight pared gains on Friday as US job data disappointed Wall Street.
The FTSE 100 Index rose 19.6 points to 6,205 by early afternoon, down from a 61-point lead earlier on.
The non-farm payroll figures showed America added just 38,000 non-farm jobs in May, the weakest figure since summer 2011.
Market expectations had been for a 160,000 rise in non-farm payrolls, matching the seven-month low in April.
Russ Mould, investment director at AJ Bell, said: 'A stunningly disappointing US non-farm payrolls number for May could well put a further US interest rate hike on the back burner."
Oil prices were on the retreat again after a slight burst back above US$50, apparently fuelled by news of lower US crude stockpiles.
Thursday's Opec meeting appeared to have little to do with the earlier rise, as the oil cartel again failed to cap production.
The price of a barrel of Brent crude fell back below the US$50 threshold to stand at US$49.9, while US light crude was at roughly the same level.
Source BioScience PLC (LON:SBS) shares rose 16% to 17.25p after it confirmed a takeover approach from Continental Investment Partners SA and Harwood Capital.
Elsewhere in small-cap land, Tanzania-focused mineral explorer Kibo Mining PLC (LON: KIBO) lifted 2.4% to 5.38p.
It said feasibility work on its Mbeya coal to power project advanced to a level where it said it could start a formal EPC-bid process for both the Mbeya power plant and the Mbeya coal mine.
Shares in urban regeneration specialist Sigma Capital Group PLC (LON:SGM) also climbed 3.9% to 93p as it unveiled a partnership with housing group Keepmoat Limited.
But Eland Oil & Gas PLC (LON:ELA) leaked 15.2% to 26.5p on what it described as unsubstantiated speculation regarding security incidents in the Niger Delta.
It said it was unaware of any incidents on its properties and said its continuing maintenance and operational activity was unaffected.
A blue-chip casualty was Marks & Spencer PLC (LON:MKS), which fell almost 2% in early trading before recovering to stand 0.7% down at 354.1p.
The root of the trouble? A fairly hefty downgrade by broker JP Morgan Cazenove, which rates the stock 'underweight'.
Market preview
FTSE100 is tipped to open higher to end the week, after Asian stocks went higher overnight and as traders eye a key jobs report in the US.
The UK benchmark finished lower yesterday, by around 6 points at 6,185 as the ECB didn't rock the boat and oil cartel OPEC failed to reach consensus on an output cap, but today spreadbetters at IG Index are calling it to open around 28 higher.
The US non-farm payroll figures for May will be closely watched as they provide a clue to the state of the US economy and, which way the Fed may move at its next monetary policy meet this month.
Some commentators say it may well lead to an interest rate rise later this month,
The report is expected to see 160,000 jobs added last month, down from April's 170,000, but still below the 200,000 mark while the unemployment rate is forecast to drop to 4.9%.
Across the Pond, US stocks finished higher yesterday as traders looked to the jobs numbers, and the oil price pared earlier losses.
The benchmark Dow added 0.27% to stand at 17,838, while the S & P500 added 0.28% to 2,105. The tech heavy Nasdaq gained 0.39% to 4,971.
In Asia overnight, in Japan, the Nikkei 225 is up 0.36% to 4,971, while the Shanghai Composite Index added 0.22% to 2,931.
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