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London open: FTSE pulls back from record on Greek fears

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LONDON (ShareCast) - UK stocks pulled back slightly from a record high on Monday morning as investors used developments in Greece as an excuse to take profits. The FTSE 100 was down 0.3% at 6,999.91 in morning trade, pulling back after setting a new all-time closing high of 7,022.51 on Friday.

As Germany's Angela Merkel and Greece's Alexis Tspiras meets in Berlin later on Monday afternoon, Athens has said it will be "impossible" to pay all its debt obligations by the end of April unless the EU distributes short-term aid.

"The looming risk on the horizon once again in Greece, where the pressure once again is on as the Greek PM has been meeting with Eurozone officials and the German Chancellor," said economist Simon Smith from FxPro.

Analyst James Hughes from Etoro said traders across Europe are unsure of the next directional move on the markets, with both the Germany Dax and UK Footsie at all-time highs, and a correction (especially in Frankfurt) "could be just around the corner".

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"If anything is likely to burst the European equity market bubble it would definitely be a negative outcome in Greece, as yet again the Greeks hold the power of financial market stability in their hands," he said.

Centamin (Toronto: CEE.TO - news) jumps despite profit plunge Profits at gold miner Centamin more than halved in 2014 as higher production was offset by increased output costs and lower commodity prices. However, the stock surged after the company's dividend equalled 30% of free cash flow, at the top end of guidance.

Dairy Crest (LSE: DCG.L - news) fell after the proposed sale of its dairies operations to Müller was referred to the Competition and Markets Authority.

Firstgroup (LSE: FGP.L - news) jumped after making a deal with the Department for Transport to operate the First Great Western rail franchise until 1 April, 2019.

Standard Chartered (HKSE: 2888.HK - news) was a high riser after JPMorgan Cazenove upgraded the bank to 'overweight' and hiked its target price for the shares from 1,050p to 1,250p.

Engineer Weir was lower after RBC Capital Markets downgraded the stock to 'sector performer' and slashed its target price from 2,150p to 1,850p.

Market Movers techMARK 3,246.65 -0.49% FTSE 100 6,999.91 -0.32% FTSE 250 17,512.97 -0.14% FTSE 100 - Risers Standard Chartered (STAN) 1,109.50p +3.55% 3i Group (III) 503.50p +1.37% Admiral Group (LSE: ADM.L - news) (ADM) 1,554.00p +0.84% Intu Properties (Other OTC: CCRGF - news) (INTU) 357.90p +0.76% Barclays (Swiss: BARC.SW - news) (BARC) 257.00p +0.67% Royal Dutch Shell (Xetra: R6C1.DE - news) 'A' (RDSA) 2,076.50p +0.61% Royal Dutch Shell 'B' (RDSB) 2,183.00p +0.55% Centrica (CNA) 257.00p +0.47% Royal Mail (LSE: RMG.L - news) (RMG) 448.30p +0.43% United Utilities Group (UU.) 953.00p +0.42% FTSE 100 - Fallers Meggitt (MGGT) 559.00p -2.70% Weir Group (WEIR) 1,801.00p -2.17% Hikma Pharmaceuticals (LSE: HIK.L - news) (HIK) 2,139.00p -2.11% Burberry Group (Other OTC: BBRYF - news) (BRBY) 1,839.00p -1.97% Carnival (CCL) 3,139.00p -1.94% Shire Plc (Xetra: S7E.DE - news) (SHP) 5,590.00p -1.67% Standard Life (LSE: SL.L - news) (SL.) 478.60p -1.64% Next (EUREX: NXTI.EX - news) (NXT) 7,165.00p -1.51% Mondi (MNDI) 1,328.00p -1.48% Fresnillo (FRES) 697.50p -1.27% FTSE 250 - Risers Centamin (DI (KSE: 003160.KS - news) ) (CEY) 60.10p +11.81% FirstGroup (FGP (BSE: FGP.BO - news) ) 97.45p +2.52% SIG (SHI) 204.90p +2.25% SVG Capital (LSE: SVI.L - news) (SVI) 515.50p +2.08% Enterprise Inns (LSE: ETI.L - news) (ETI) 103.00p +1.98% Entertainment One Limited (Other OTC: ENTMF - news) (ETO) 311.50p +1.96% Cairn Energy (LSE: CNE.L - news) (CNE) 161.00p +1.96% Tullett Prebon (LSE: TLPR.L - news) (TLPR) 391.60p +1.95% Diploma (DPLM) 866.00p +1.88% AL Noor Hospitals Group (ANH) 1,079.00p +1.79% FTSE 250 - Fallers Infinis Energy (LSE: INFI.L - news) (INFI) 186.50p -3.87% Premier Oil (LSE: PMO.L - news) (PMO) 145.10p -3.01% Lonmin (LMI) 130.90p -2.53% Serco Group (Other OTC: SECCF - news) (SRP) 176.30p -2.06% Balfour Beatty (Other OTC: BAFBF - news) (BBY) 230.20p -2.04% Imagination Technologies Group (IMG) 218.00p -2.02% Ocado Group (Other OTC: OCDGF - news) (OCDO) 366.50p -1.93% Saga (SAGA (LSE: SAGA.L - news) ) 178.00p -1.93% Indivior (Berlin: 2IV.BE - news) (INDV) 196.60p -1.90% Rotork (Stuttgart: RO4.SG - news) (ROR) 2,475.00p -1.82%