Slow and steady for the FTSE 100 as it stumbles into Monday, edging up in early morning trading

Jake Cordell
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FTSE slow start to day
FTSE kicked off the new financial year with a whimper, not a bang (Source: Getty)

The FTSE struggled to get going this morning with a so-so start to the first full week of the new financial year.

The blue-chip index crawled up 12 points in the first hour of trading to stand at 6,158, after slipping back at the end of last week from its highest close of the year of 6,203 last Wednesday.

Miner Anglo American was the biggest climber this morning, after it stepped up its asset-trimming operation over the weekend, announcing plans to sell its stake in an Australian coal mine. It didn't do too much to inspire traders, however, with the share price up just 0.85 per cent to 543p.

4 April 2016 @ 9:15amFTSE 100 (UKX)

It wasn’t a bright start to the day for everybody involved in extraction, as Antofagasta slipped 1.96 per cent - the worst performer in a quiet start to the week.

Car insurer Admiral was also down by more than one per cent to 1,927p in the first hour of trading.

Oil was also left flagging after Iran confirmed it will seek to ramp up production back to pre-sanctions levels of four million barrels a day (from three million). It left question marks over the prospect of the Organization of the Petroleum Exporting Countries (Opec) striking deal for a production freeze. Brent Crude was down 0.98 per cent at $38.29 (£26.91).

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