FRIDAY MARKET CLOSE: Fourth week of straight losses for Footsie

DESPITE edging upwards during the day’s session, the London market still finished the week down for the fourth week running.

The FTSE 100 index added just 2.45 points to 6,710.57, unmoved by news of an emergency Greek summit. Picture: AP

The FTSE 100 index added just 2.45 points to 6,710.57, unmoved by news that EU leaders will hold an emergency summit about Greece’s debt crisis on Monday.

The top-flight moved away from five-month lows it hit earlier this week, but it still lost 1.1 per cent over the last five sessions putting in on a losing streak that began on 25 May.

Traders’ thoughts are now focusing on the Eurogroup heads of government meeting after the weekend.

Chris Beauchamp, senior market analyst at IG, said; “It would be unwise to suggest that this is the last chance for Greece and its creditors to hammer out a deal, but with time running out it would certainly be beneficial for markets and for investors’ peace of mind if the two sides were to sort something out.”

In corporate news, equipment rental specialist Ashtead was a strong performer rising almost 2 per cent, or 20p to 1,120p, boosted by recent broker upgrades.

Another strong riser on the top flight leaderboard is Hikma Pharmaceuticals up almost 3 per cent, or 49p to 1,944p, after a broker upgrade from Citi raising it to buy from neutral.

Heavyweight miners were fallers after broker reports forecast that iron ore prices will fall this year due to a lack of Chinese demand.

The news knocked Glencore which fell 4.8p to 271.55p, Anglo American down 4.1p to 986.6p and Fresnillo slipping 14.5p at 712.5p.

In contrast budget airline EasyJet lifted 23p to 1,581p after it announced a strengthening of its Italian services.

The carrier said it would expand its bases at Milan Malpensa and Naples, and also open a new operation in Venice from April 2016. As part of the same plan it will reduce services at its Rome Fiumicino base.