FTSE 100 closes flat as oil gives up gains

London stock brokers (file photo) Image copyright AFP

(Close): London's main share index, the FTSE 100, gave up early gains to close flat.

The FTSE 100 index ended the session 6.32 points lower, or 0.01%, at 6,185.61.

It had earlier been supported by oil stocks, such as BP and Shell, as the price of crude rose.

Brent crude earlier rose above $50 a barrel but slipped back as Opec oil producers failed to agree a ceiling for production.

The top riser in the FTSE 100 was Johnson Matthey, up 5.9%, The company, which makes catalysts for car emission-control devices, reported a 5% drop in full-year profits, but forecast better results for the coming year.

Shares in plumbing supplies firm Wolseley fell a further 1.1%. Its shares had dropped 5.5% on Wednesday after it reported slowing revenue growth.

In the FTSE 250 shares in Moneysupermarket fell by 6.4% after investment bank Jefferies cut its rating on the stock to hold from buy.

On the currency markets, the pound was little changed against the dollar at $1.4416, and was 0.32% higher against the euro at €1.2925.