Greece hopes fail to boost FTSE
May 29 2012
London's leading shares index has struggled to make headway despite hopes that Greece's pro-euro parties are seeing a pick-up in support prior to next month's elections.
The FTSE 100 Index rallied by as much as 60 points earlier in the session, but with no impetus from Wall Street, where traders have been enjoying a public holiday, the top flight closed just 4.8 points higher at 5356.3.
The initial rally gave investors a break from last week's volatility as reports suggested more Greeks want their country to keep the euro and as support for conservative parties gathers pace.
The pound was down at 1.24 against the single currency, boosted by the renewed optimism, while sterling was up against the US dollar at 1.56.
The banking sector lost hold of an initial boost, with Barclays reversing a 2% gain to slip 0.7p to 181p but state-backed lender Lloyds Banking Group and Royal Bank of Scotland were up by 0.2p at 26p and 0.1p at 21p respectively.
The mining sector remained higher following reports that the Chinese government has taken further steps to boost growth in the country amid fears the economy is coming off the boil.
Risers included Antofagasta, ahead 21p at 1038p, Kazakhmys, up 10.5p at 690.5p and Rio Tinto, which climbed 62.5p to 2857.5p.
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