FTSE 100 moving slowly towards 7,000

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FTSE 100 Index

Last Updated at 02 Mar 2015, 11:36 ET *Chart shows local time FTSE 100 intraday chart
value change %
6940.64 -

Top winner and loser

Royal Bank of Scotland Group

378.30 p +

Tullow Oil

357.30 p -
value change %

FTSE 250 Index

17249.92 -

FTSE 350 Index

3809.15 -

FTSE All Share Index

3740.32 -

FTSE Techmark Index

3783.79 -

(Close): The FTSE 100 Index hit a new intra-day high on Monday of 6,974.26 points but failed to hold onto gains as commodity stocks weakened late on.

London's blue chip index ended the day 0.13% lower at 6,937.52.

Miners helped push stocks higher early in the day, spurred on by news China had cut interest rates over the weekend.

But they became a drag later as analysts said the rate cut could point to weakness in the Chinese economy.

Banks featured in the list of best performing stocks, with RBS up 3% and Barclays 2.37% higher.

Product-testing group Intertek rose 1.26% after posting higher profits and raising its dividend.

"The FTSE is moving slowly towards 7,000 points," said Hantec Markets analyst Richard Perry.

"Momentum-wise, it's looking pretty positive, and you've got to keep running with it at the moment."

The biggest faller on the FTSE 100 was Tullow Oil, falling 7.7% over concerns that a boundary dispute between Ivory Coast and Ghana could delay a project off the coast of west Africa.

Tullow lost over £200m of its market value and, at current prices, its relegation from the FTSE 100 is set to be confirmed later this week, the FTSE said.

Outside of the main index, Afren was up 15.11% after the oil and gas group secured an extension on its debt repayments over the weekend.

Technology start-up company Allied Minds rose 9.24%.

On the currency markets, the pound was 0.5% lower against the dollar at $1.5362 and against the euro at €1.3737

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