London market struggles for momentum

The FTSE 100 Index struggled for momentum as the strength of the pound caused the top-flight to close down 33.23 points at 7,203.94.

Multi-national stocks struggle on the London market when the UK currency rises as it diminishes the value of their overseas earnings when translating them back into pounds.

The market fell as sterling edged closer to the psychologically important 1.30 mark versus the US dollar, rising 0.3% to 1.294, despite worse-than-expected economic growth in the first quarter.

The UK currency was marginally ahead against the euro at 1.18.

On the oil markets, Brent crude pushed 0.4% higher to $52 (£40) a barrel as traders were encouraged that Opec will extend output controls when it meets next month.

Sterling was up against the dollar and the euro.