BP Share News (BP.)

Oil and gas stocks dragged the UK equity market lower on Tuesday after the recent plunge in crude prices, as investors showed caution ahead of a key Eurozone summit on Greece.The FTSE 100 was down 0.13% at 6,526.92 by midday, with Rolls-Royce providing a further drag as the stock extended losses following a profit warning.Stocks worldwide had slumped on Monday after the Greek public voted a resounding 'no' to creditors' bailout proposals, pushing the country further down the road to a potential Eurozone exit.However, downside was limited following the surprise resignation of confrontational Greek Finance Minister Yanis Varoufakis, with analysts hopeful that future negotiations with creditors will run more smoothly.Eurozone leaders will gather in Brussels for an emergency meeting on Tuesday afternoon, during which Greek Prime Minister Alexis Tsipras is expected to unveil new proposals to his creditors."Unfortunately, while the Greeks are expected to present a new plan to help pull the Greek economy back from the brink, it is unlikely that Sunday's referendum will have swayed the creditors to the extent that their 'red lines' have moved enough to get a deal across the line. The two sides arguably seem further away than ever," said IG analyst Joshua Mahony.In economic data on Tuesday, growth in UK industrial production accelerated more than expected in May, according to the Office for National Statistics. Output increased 2.1% in May compared with the same month the year before, driven by growth in mining and quarrying activities, beating the 1.6% consensus forecast.Oil stocks fall, ARM risesOil producers and energy services stocks such as BP, Shell, Wood Group, Tullow Oil, Petrofac, Amec Foster Wheeler and Nostrum Oil & Gas were trading lower after one of the steepest sell-offs in crude this year. West Texas Intermediate fell almost 8% on Monday, while Brent dropped over 6%.A host of housebuilding stocks were also out of favour, including blue chips Taylor Wimpey, Barratt Developments and Persimmon.Chipmaker ARM Holdings was a high riser after Morgan Stanley added the stock to its "Best Ideas" list in Europe and upgraded it to an 'overweight' rating. "Past the iPhone 6 upgrade cycle, we like the long duration of the revenue and earnings growth, in a context of slow global growth," it said.Meanwhile, engine maker Rolls-Royce was continuing to fall after disappointing the market on Monday with its third profit warning in 18 months. Espirito Santo and JPMorgan both downgraded their recommendations on the stock on Tuesday.Marks & Spencer erased earlier gains despite first-quarter sales coming in better than City analysts had feared, with clothing like-for-like sales down just 0.4% compared with the -1% forecast.Lloyds gained after Canacccord Genuity raised its rating on the stock from 'hold' to 'buy' and Investec upgraded the stock from 'sell' to 'hold'.Weir Group slumped after announcing the acquisition of US-based Delta Industrial Valves for an enterprise value of up to $47m.Market MoverstechMARK 3,102.87 +0.10%FTSE 100 6,526.92 -0.13%FTSE 250 17,409.98 -0.19%FTSE 100 - RisersARM Holdings (ARM) 1,060.00p +2.32%Land Securities Group (LAND) 1,256.00p +2.11%International Consolidated Airlines Group SA (CDI) (IAG) 494.00p +2.02%British Land Company (BLND) 812.00p +1.63%Hammerson (HMSO) 632.50p +1.36%easyJet (EZJ) 1,596.00p +1.27%AstraZeneca (AZN) 4,200.00p +1.23%Compass Group (CPG) 1,075.00p +1.03%Lloyds Banking Group (LLOY) 84.93p +0.93%Old Mutual (OML) 205.30p +0.79%FTSE 100 - FallersRolls-Royce Holdings (RR.) 768.00p -4.30%Smiths Group (SMIN) 1,107.00p -2.98%Weir Group (WEIR) 1,631.00p -2.10%Taylor Wimpey (TW.) 187.90p -1.73%Barratt Developments (BDEV) 635.50p -1.63%Standard Life (SL.) 433.20p -1.55%Persimmon (PSN) 1,982.00p -1.34%Marks & Spencer Group (MKS) 540.00p -1.28%Sports Direct International (SPD) 710.00p -1.25%BP (BP.) 424.30p -1.21%FTSE 250 - RisersJust Retirement Group (JRG) 179.20p +2.81%Victrex plc (VCT) 1,933.00p +2.28%Big Yellow Group (BYG) 635.50p +2.01%Rank Group (RNK) 229.00p +1.78%AO World (AO.) 132.00p +1.54%Ocado Group (OCDO) 455.30p +1.54%Indivior (INDV) 234.00p +1.34%TR Property Inv Trust (TRY) 290.90p +1.32%Moneysupermarket.com Group (MONY) 289.00p +1.26%Derwent London (DLN) 3,504.00p +1.24%FTSE 250 - FallersAldermore Group (ALD) 302.60p -4.24%Wood Group (John) (WG.) 609.00p -3.79%Petrofac Ltd. (PFC) 864.50p -2.97%Evraz (EVR) 112.70p -2.93%Tullow Oil (TLW) 311.10p -2.72%Nostrum Oil & Gas (NOG) 602.00p -2.59%Amec Foster Wheeler (AMFW) 792.50p -2.16%Aveva Group (AVV) 1,764.00p -2.16%Laird (LRD) 352.90p -2.11%Kaz Minerals (KAZ) 194.30p -2.07%