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Footsie treads water as delays in solving Greek debt saga weigh

Published: 09:25 02 Jul 2015 BST

Greeky

Top flight shares trod water in early trading in London as traders contemplated the latest delay in resolving the Greek debt crisis.

The FTSE 100 Index rose 2.56 points to 6611.15 after the Eurogroup of eurozone finance ministers ruled out more talks with Greece over a debt deal until after the country's referendum on Sunday.

Greeks will vote on whether to accept the terms that the country's creditors have proposed in return for more cash aid.

Market analysts said the referendum result was being seen increasingly as a verdict on the abilty of Greek premier Alexis Tsipras to lead his country.

Connor Campbell at spread-betting firm Spreadex said: "If the ‘yes’ vote prevails, it will be hard not to see it as a rejection of Tsipras and his party, just months after they swept to victory."

The Dow Jones ended the US session 138 points up at 17758 as Wednesday's ADP employment report reinforced the picture of a positive labour market with 237k jobs added, the best number this year.

The latest ISM manufacturing report also topped hopes, but in a sign that inflationary pressures remained subdued, the prices paid component came in below expectations at 49.5, unchanged from May.

Gold prices were down to $1,164 an ounce and the price of a barrel of US light crude was hovering just above $57.

On the corporate front in the UK, Dixons Carphone (LON:DC.) was leading the ranks of risers with a 16.1p rise to 474.9p after announcing a retail joint venture with US telecoms group Sprint.

Drug companies were doing well with AstraZeneca (LON:AZN) gaining 30.5p to 4151p and Shire (LON:SHP) advancing 30p to 5240p.

Housebuilders subsided after building society Nationwide said house prices dipped 0.2% in June, causing the year-on-year gain to slow sharply to a two-year low of 3.3%.

Persimmon (LON:PSN) dropped 19p to 1997p, Bellway (LON:BWY) lost 19p to 2391p, Bovis Homes (LON:BVS) backtracked 4p to 1138p, Barratt Developments (LON:BDEV) reversed 5.5p to 626.5p and Redrow (LON:RDW) shed 2.7p to 453.3p.

 

 

 

 

 

 

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