Poor Eurozone data leaves FTSE in negative territory

The FTSE 100 Index – which closed at its highest level since June 2008 in the previous session – gave back some of the gains it had made, losing 18.29 points to 5762.06.

There was little help from United States markets as traders looked to book profits from recent advances, sending the Dow Jones Industrial Average to modest early losses.

With little corporate news, traders focused on revised official figures showing flat growth in the countries using the euro during the last three months of last year.

UK service sector figures also came in slightly below expectations, despite better news on jobs.

The pound held its own against the dollar at 1.52 although it ticked above 1.14 against the euro with concerns over Greece continuing to undermine the single currency.

Heavyweight mining stocks were mostly lower in London as metal prices echoed the temporary pause in equity markets. BHP Billiton and Antofagasta were the two biggest casualties, down 591/2p at 2275p and 26p at 1068p respectively.

The main move of the session came from hedge fund Man Group after a strong weekly performance from its previously stuttering AHL fund as well as positive broker comment. Shares jumped more than six per cent, or 15.4p to 267.4p.

Many retailers were also on the front foot after brokers at Citigroup upgraded fashion chain Next, helping shares up 44p to 2253p. B&Q owner Kingfisher was also up 6.2p to 229.8p while Home Retail Group, which owns Argos and Homebase, was 4.3p better off at 279.3p.

One of the leading Footsie fallers was EnQuest following the merger of the North Sea assets of oil and gas services firm Petrofac and Sweden's Lundin Petroleum. Shares in the stock, which will be demoted from the Footsie on Friday, fell 33/4p to 99.95p.

A number of stocks also turned ex-dividend, meaning investors are now not entitled to the latest payout. FT publisher Pearson was off 43p to 1007p, while British Land shed 13.4p to 477p.

British Airways fell 5.1p to 238.2p after it revealed that it carried 11.4 four per cent fewer passengers last month due to strike action. It also estimated the total cost of the dispute for the month at 40m to 45 million.

In the FTSE 250, pubs chain Marston's was up after it was helped by a strong Easter holiday trading period for its managed pubs estate.

Shares were three per cent higher, up 2.6p to 97.05p, as the group also said premium ale volumes rose four per cent in the first half of its financial year.

It said in a trading update: "We remain on track to meet our expectations for the financial year and continue to see improvement in each of our trading divisions."

Trading conditions were still challenging but it was encouraged by its performance in the first half of its financial year.

The group has an estate of 2,167 pubs, based on 1,676 tenanted or leased pubs and 491 managed pubs. It also brews Marston's Pedigree as well as Banks's, Jennings, Wychwood, Brakspear and Mansfield beers.

The four biggest Footsie risers of the session were Man Group up 15.4p to 267.4p, Kingfisher ahead 6.2p to 229.8p, Imperial Tobacco up 52p to 2031p and Randgold Resources, which ended the day rising 115p to stand at 5420p.

The four biggest fallers of the day were Petrofac down 52p to 1213p, Pearson sliding 43p to 1007p, EnQuest down 33/4p to 99.95p and Cairn Energy, which finished the session off 13.1p to stand at 427p.