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 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 down 4.8p to 271.55p, Anglo American down 4.1p to 986.6p and Fresnillo down 14.5p at 712.5p.

In contrast budget airline Easyjet lifted 23p to 1,581p after it announced a strengthening of its Italian services. NEW YORK: On Wall Street, US stocks closed lower last night, shedding some of the gains that pushed the Nasdaq to a record level a day earlier. Talks between Greece and its creditors remain unresolved.

The Dow Jones industrial average dropped 99.89 points, or 0.55 per cent, to end on 18,0145.95 while the broader Standard & Poor’s 500 index fell 11.25 points, or 0.53 per cent, finishing on 2,109.99. The Nasdaq composite fell 15.95 points, or 0.31 per cent, to 5,117.00.