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FTSE opens down slightly as traders draw breath FTSE shrugs off Greece concerns and bucks European trend
(about 3 hours later)
(Open): The FTSE 100 opened down slightly despite a strong showing by Associated British Foods (ABH). (Noon): At midday the London market shrugged off concerns over Greece's ability to maintain its debt repayments and bucked the European trend.
In early trading, the FTSE 100 was down 14.3 points, or 0.2%, at 7,026.62. The FTSE 100 was up more than 17 points, or 0.25%, to reach 7,058.45, in contrast to French and German markets.
ABF was the biggest riser, up more than 3% to 3,048p, after investment bank Goldman Sachs changed its rating on the stock from "sell" to "buy". The biggest riser at lunchtime was pump maker Weir Group, up more than 3% on positive news from North America's shale gas producers.
An upgrade by broker Credit Suisse also helped boost Weir's share price.
Associated British Foods (ABH) lost some of its earlier gains, but was still up 2.47% at 3,023p, after investment bank Goldman Sachs changed its rating on the stock from "sell" to "buy".
The broker said the stock's 17% "underperformance" over the year-to-date made it an attractive option for investors.The broker said the stock's 17% "underperformance" over the year-to-date made it an attractive option for investors.
Other risers included mining company Fresnillo, up 1.49%, as it recovered some earlier losses over the week, and pump maker Weir Group, up more than 2% on positive news from North America's shale gas producers. Other risers included mining company Fresnillo, up 1.22%, as it recovered some earlier losses over the week, and biopharmaceutical company Shire Group, up 1.33%.
However, housebuilders Barratt and Taylor Wimpey took a hit, down 1.67% and 0.92% respectively in early trading, as investors took some post UK election profits. The FTSE 100's biggest fallers were safety inspections firm, Intertek Group, down 1.38%, and supermarket Morrisons, down more than 1%.
On the currency markets, the pound was down 0.08% against the dollar at $1.5302, and down 0.11% against the euro at €1.3971. On the currency markets, the pound continued its slide on earlier weak UK economic growth data, down 0.44% against the dollar at $1.5246, and down 0.67% against the euro at €1.3893.