FTSE breaks 6000-barrier

London’s blue-chip index climbed above the 6000 barrier today as investors shrugged off higher oil prices and a new ratings downgrade for Greece.

The FTSE 100 Index tracked the performance of European markets as the top flight recovered from a shaky start to stand 41.3 points higher at 6031.7.

More fierce fighting in Libya and fears of unrest in Saudi Arabia put further pressure on the price of oil as benchmark crude for April delivery hit its highest level for two-and-a-half years, at 106 US dollars a barrel, and Brent crude rose to nearly 118 dollars a barrel in London.

European debt fears also resurfaced after Moody’s lowered its credit rating for Greece by three notches to B1 from Ba1 and warned it may cut again if the government’s commitment to its austerity programme wanes or international benefactors become less willing to support it.

The Greek government immediately hit back and said the move was “completely unjustified” and did not reflect an “objective and balanced” assessment of the conditions Greece is presently facing.

In London, the top tier saw the latest flurry of annual results, while takeover news provided the main interest in the FTSE 250 Index.

Blue-chip testing firm Intertek was the biggest Footsie gainer, up 85p to 1984p, after it accompanied an 11% hike in annual profits to £211.9m (€246.5m) with the £450m acquisition of Moody International.

The deal for the Haywards Heath-based firm, which employs 2,500 people, will boost Intertek’s presence in the energy sector.

But news of slowing growth at satellite operator Inmarsat sent it to the top of the shares fallers, down 10% or 74p to 611p.

While it posted sharply higher profits for 2010, Inmarsat said revenues growth slowed in the final quarter of the year and early part of this year, particularly in the maritime sector.

Second-tier player Forth Ports was also in the spotlight after the Tilbury docks and Grangemouth container port owner revealed a new takeover approach from infrastructure fund Arcus valuing the group at around £750m.

The latest proposal is worth 1630p a share and is higher than the 1400p – or £640m – rejected by Forth from a consortium featuring Arcus in April. Forth’s shares, which have jumped in recent days on market speculation of a new bid, were 5% or 80.5p higher at 1603.5p.