logo-loader

FTSE 100 flat on China and Greece concerns

Published: 08:58 31 Jul 2015 BST

shutterstock_232451029

London’s blue chip stocks nudged higher this morning despite more falls in China.

Overnight, the Shanghai Composite was 26 points lower at 3,680 making it the biggest monthly loss since 2009.

In the US, the Dow Jones average and the S&P 500 were little changed, but the Nasdaq Composite shuffled 17 points higher to 5,129, as traders found themselves underwhelmed by US GDP data.

In Europe, the International Monetary Fund (IMF) said it won’t participate in a Greek bailout that doesn’t contain an ‘explicit and concrete agreement’ on debt relief.

Connor Campbell at Spreadex said: “Whilst the last month has seen the calls for debt relief gain momentum, this is the first stance on the issue that could ignite real change.

“Wolfgang Schauble both wants the IMF to be part of the deal AND is the biggest obstacle to debt relief, leaving the chance for plenty of Greek fireworks before the tentative August 20th deadline.”

In London, the FTSE 100 was 6 points higher to 6,674 led by ITV (LON:ITV).

Liberty Global has hiked its stake in the television broadcaster and Liberum reckons the rumours of a takeover are inevitable.

“Liberty has stated it does not intend to make a bid for ITV but its move suggests that it thinks a move by another player is likely or, at least, an increasing possibility” the broker said. Shares rose 1.8% to 276p.

At the other end of the index, banking giant Lloyds (LON:LLOY) struggled on the news that it is to set aside another £1.4bn for PPI payouts.

The partly taxpayer owned bank also missed expectations. Profit increased to £1.2bn but analysts had expected a rise to around £1.9bn. Shares dropped 1.1% to 85p.

Away from the index, JD Sports (LON:JD.) revealed that it expects pre-tax profits to come in 10% higher than the £110mln forecast by market analysts. Shares jumped 8% to 806p.

In the world of small caps, Stride Gaming (LON:STR) bought InfiApps for US$39.2mln with US$21.2mln upfront and up to US$18mln extra ove3r the next two years dependant on earnings.

InfiApps made a profit of US$3.4mln in 2014, and Stride said the acquisition would immediately enhance its own earnings. Shares jumped 10.3% to 245p.

Meanwhile, ServicePower Technologies’ (LON:SVR) chairman has bought himself another £100,000 worth of shares.

The non-executive director bought 2mln shares at 4.5p each and they were up today, climbing 15% to 4.9p.

Meanwhile, Oxford Pharmascience (LON:OXP) said results of its OXPzero Naproxen (OXP005) were not as some had expected, with the company saying further testing will be needed to improve the results. Shares dropped 21% to 7.1p.

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

1 hour, 35 minutes ago