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Mon close: FTSE trimmed after early rise

UK stocks reversed their positive start to drop into the red by the close despite positive news from Greece, which met its debt repayment to the International Monetary Fund (IMF).

The FTSE 100 retreated 0.24% to 7,029.85 by the end of the session, having risen as high as 7,083.72 early on.

It was boosted in early trade on the back of a cut in interest rates in China and the positive mood around the Tory election victory.

The blue-chip index rose to 7,081.23 soon after the opening.

Shares in miners were up on the back of the news from China which is a big consumer of metals and minerals. BHP Billiton,  Anglo American and Glencore all rose in early trade.

Royal Mail topped the risers after rival postal firm Whistl revealed it has halted deliveries because private equity backer LDC had pulled out of funding to help expansion efforts.

Aberdeen Asset Management was among the fallers after Societe Generale cut its stance on the stock to “hold” from “buy” and trimmed its target price to 485p from 490p.

The Bank of England will announce its first monetary policy decision under the new Conservative government at mid-day. It is unlikely to support any change to interest rate policy.

 

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