logo-loader

Talk of last minute Greek compromise lifts FTSE 100

Published: 13:15 30 Jun 2015 BST

20141030_122034_opt_55928a0d65347

London’s blue chips hauled themselves off the floor on talk of a last minute compromise in the Greek crisis.

Reports this morning suggested the European Commission has made an eleventh hour proposal that would enable the Greeks to pay €1.6bn to the IMF due today.

One of string attached the deal is that the Greek government campaigns for a yes vote in the referendum on the country's bailout terms on 5 July.

Footsie was 29 points lower at 6,591, having been more than sixty points down at its worst for the day.

Index members were mostly showing losses, but there were gains for defence group Meggitt (LON:MGGT) that added 3p to 467p.

ARM Holdings (LON:ARM) was also higher on a read–through on results from fellow smartphone chip designer Imagination Technologies (LON:IMG).

Margins, volumes and royalty revenues will be higher in the current year said the graphics chip designer, even though losses climbed to £12mln. Shares rose 3% to 418.4p.

Goldman Sachs is no longer a ‘buyer’ of HSBC (LON:HSBA) because, according to analyst Martin Leitgeb, the Asia-centric bank has fallen short of its strategic targets. Shares were unchanged at 576.5p.

Elsewhere, shares in Tesco (LON:TSCO) and Morrison's (LON:MRW) slipped as the latest Kantar data came through showing the UK's grocery market slipped into decline in the second quarter of 2015.

Sales in the sector fell 0.1% year-on-year, aided by a 1.6% decline at both Tesco and Sainsbury's (LON:SBRY). Morrison's fared better though, as the grocer saw the largest sales increase among the 'big four' for the second month in succession.

Meanwhile, at online firm Ocado,  there was a big 30% rise in new customers and the firm saw  revenue and operating profit growth. Despite that, shares eased lower.

Among the small caps, good production figures from its Stockton mine in Pennsylvania boosted Atlantic Coal (LON:ATC) 4% to 0.12p.

The biggest riser in London was small cap gold miner Anglo Asian (LON:AAZ), which shot up over 16% on the day after making gains on Monday too.

It told investors 2015 had started well and it expects gold production of between 70 and 75,000 ounces for the whole year.

That will be a 16 to 24% improvement on 2014, it said at the AGM today.

At Gedabek in Azerbaijan, output in the first half has been strong with first quarter 2015 production of 17,053 ounces of gold - a 52% increase on a year ago.

Shares in San Leon Energy (LON:SLE) also went 4% higher to 0.93p after the Irish firm’s results showed  a “transformational” 2014.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

59 minutes ago