Mon close: Small gains for FTSE100
After an intra-day surge to 7,015.49 the FTSE 100 settled just 8.38 points higher at 6,968.87 as oil and gas producers and banking shares pulled the market back.
Online gaming group Bwin.Party Digital Entertainment jumped after confirming it has received a cash and shares bid from sector peer 888 Holdings.
Babcock gained after posting a 47% rise in pre-tax profit for the year ended 31 March to £313.1m on revenues up 37% at £4.5bn.
Banking stocks were mostly lower, including RBS, Barclays and Lloyds. The latter fell after being hit with a downgrade by Investec to ‘sell’ after the stock recently reached a six-year high. The broker said that the share price is now more than up with events.
Oil and gas stocks such as BP and BG Group were also trading in the red. BP was lowered to ‘sell’ by Goldman Sachs, who warned that its dividend was at risk.