FTSE LIVE: Footsie refuses to go above 6200 as it spends the session yo-yoing between minor gains and losses 

Lighter volumes in the run up to Easter may account for this morning's swings

13:00: The Footsie was pretty much flat at lunch having spent the morning jerking between minor gains and losses.

Analysts said lighter trading volumes were the main culprit, with the FTSE 100 down 7.5 points at 6,181.4, as the index resisted breaking through the 6200.0 barrier.  

Craig Erlam, at Oanda, said: 'I think it probably reflects the kind of moves we can typically see in these shorter weeks which often bring volatility on the back of lighter trading.' 

Nevertheless Brent crude was also having an impact on London's top flight.

Mining giant Antofagasta was among the biggest fallers, down 16.5p to 498.0p, as the oil price fell three cents to 41.2 US dollars a barrel.

The beleaguered mining sector has seen its confidence knocked as it struggles to cope with an economic slowdown in China, with Glencore also falling 3.1p to 157.7p and Fresnillo dropping 12p to 976p.

Elsewhere shares in Pets at Home edged down 1.0p to 284.0p after it announced its chief executive Nick Wood had resigned.

The FTSE 250 company - which runs 413 stores across the UK and 359 veterinary practices - said Ian Kellett would step into the role of chief executive from April 4, with Wood staying on as an adviser until July 1.

Kellett has been a member of the company's board for 10 years after joining as chief financial officer in 2006, before being promoted to chief executive of its retail division in June 2015.

Dixons Carphone also saw its share price come under pressure after it revealed it would snap up price comparison and switching website Simplifydigital for an undisclosed sum.

The group said the takeover would strengthen its position as the 'best place' to receive independent advice on technology and media products.

It hopes it will help its long-term plan of bolstering its services business, which offers technology support to customers in their homes.

Shares were down 3.6p to 437.4p.

Shares in defence firm Chemring have also dropped by 5 per cent after the UK defence group said 'weaker trading' in the three months to the end of January had impacted cashflows. 

Its shares are down 5.5p at 128.0p.   

Meanwhile the pound was down 0.6 per cent against the dollar to 1.43, as the latest CBI industrial trends survey showed UK manufacturing levels had fallen after being hit by problems such as flooding.

The pound was also down 0.4 per cent against the euro at 1.27.  

11:00: The Footsie was in positive territory by late morning, driven by some comments from high ranking officials about the state of the Eurozone economy and a positive close in China overnight.

The index was up 9.8 points at 6,199.7, having been down 30 points at the open.    

It comes as China's Shanghai composite index spiked by over 2 per cent to close at 3,020 points, a gain of 64 points, as investors were soothed by comments about the prospects of world's second largest economy from IMF chief Christine Lagarde over the weekend.  

Mixed fortunes: Morrisons is back in the big leagues after a short spell in the second tier but Mike Ashley at Sports Direct has had a rotten morning after his firm was officially relegated

Speaking at the start of the China Development Forum, Lagarde said the government's latest five-year plan would help rebalance the country's economy.

Lagarde also said China was going through 'a historic transition' that is 'good for China and good for the world,' according to the official Xinhua news agency.

Meanwhile, on the Continent, German and French stocks made gains following comments from European Commissioner Erkki Liikanen.

He said  interest rates would stay low well past the horizon of the ECB's asset purchase program. 

This helped assure markets, with the French CAC 40 up 0.34 per cent and the Germany's Dax gaining 1.05 per cent. 

In London it has been a morning for promotions and demotions. 

Grocer Morrisons officially rejoined the FTSE 100 today after the latest quarterly review of the index.

Also joining the elite were Informa, Mediclinic, and Paddy Power Betfair. 

But Sports Direct, International Aberdeen Asset Management, Hikma Pharmaceuticals and Smiths Group were relegated.

On a stock by stock basis, winners so far include grocer Sainsbury's after a broker upgrade helped the shares build on Friday's gains when the supermarket was left as the only bidder for Home Retail group after Steinhoff International pulled out. 

The market's still views the Argos deal as a good one for Sainsbury's, largely because of the inventive way in which it will pay for it. 

There is broadly more positive sentiment towards the supermarket sector after three of the Big Four reported rising quarterly sales since the turn of the year.

Shares were up 2.2 per cent at 3,806.0p.  

N Brown - which includes Kelly Brook - among its models has struggled this morning on the markets

Meanwhile healthcare stock Shire was also enjoying a good morning, up over 3 per cent as leading brokers reaffirmed their buy ratings on the firm after some strong results last Thursday.

Bringing the index down was mining and commodity stocks after oil prices headed south.

Antofagasta, Glencore and Anglo American were rooted to the bottom of the FTSE 100 index.

On the FTSE 250  shares in Halfords have dropped as much as 8.3 per cent after UBS slapped it with a 'sell' rating and struck a bearish tone on the UK retail sector as a whole.

Halfords shares are down 5.6 per cent, their biggest one-day drop in four months, and have slipped more than 30 per cent in the last seven months.

Meanhwhile clothes retailer N Brown Group has also fallen victim to UBS' pessimistic turn, falling 5.1 per cent to 341.0p after the bank downgraded it to 'neutral' from 'buy'. 

On the currency markets, the pound has taken a knock after the resignation of the work and pensions secretary Iain Duncan Smith.

His decision opened up deep fissures over policy on welfare and Europe.

08:20: The Footsie has had a slow start to the week after oil prices retreated.

Shortly after the bell, the FTSE 100 index was down 30.3 points at 6,157.6, having finished 0.19 per cent lower on Friday at 6,189.64 point.

Oil prices have done the damage, falling for a second day after renewed concerns about oversupply. 

Wrong direction: The price of US light sweet crude fell 1.4 per cent to $38.89 a barrel earlier this morning, meanwhile the price of Brent crude fell 33 cents to $40.87, after hitting a high of $42.54 a barrel last week

US oil firms increased production last week after three months of cuts, according to data from Baker Hughes, despite the number of oil rigs had fallen by two-thirds over the past year to a level not seen since 2009.  

The price of US light sweet crude fell 1.4 per cent to $38.89 a barrel earlier this morning, meanwhile the price of Brent crude fell 33 cents to $40.87, after hitting a high of $42.54 a barrel last week.

Jasper Lawler, at CMC Markets, said: 'Oil has given up some of its gains following the first increase this year in number of US rigs reported on Friday. 

'This is likely to be an ongoing pattern where any bounce in the oil price is met with US shale producers getting back online, adding to the supply glut.' 

On the company news front, Pets at Home chief executive, Nick Wood has announced his resignation and will be replaced by chief financial officer Ian Kellet.

At the same time Henri de Castries, chairman and chief executive of French listed Axa, has also announced he is leaving.

Thomas Buberl will become chief executive when he steps down on September 1 after almost two decades at the helm of the group. 

There is little scheduled on the economic calendar for this session. 

UK company news scheduled today includes:

Interims: Quadrise Fuels International, YouGov, Plant Impact, Inland Homes, Earthport, CVS Group

Finals: NetPlay TV, Smart Metering Systems, Matomy Media Group, Management Consulting, Brady, MD Medical Group Investments 

Stocks in focus in London include:  

BP: The energy giant has struck a deal with a local power company in China for the largest carbon permit buyback contract in the short history of the country's nascent carbon market. 

RIO TINTO: Top investors said they want the global miner's new boss to proceed cautiously on acquisitions, focusing on the core, cash-generating iron ore business and on developing his own copper mines before looking for new assets. 

BARCLAYS: The bank has come under attack from a long-term shareholder, Django Davidson, for deciding to sell its African business and rebuild its investment bank. 

UK company news scheduled today includes:

Little of note