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FTSE 100's winning streak ends as Greece remains at loggerheads with the EU

Time is running out for an agreement to be sealed before Greece has to make a massive repayment on its loan from the IMF
Greece
Greek PM Tsipras is running out of time

London’s winning streak came to an end as Greece continues to wrangle with its Eurozone paymasters.

The FTSE 100 shed 37 points 6,809 to register its first fall in six days, as the Eurogroup meeting in Brussels ended without an agreement being reached.

Greece has until the end of the month to find €1.6bn to make a repayment to the International Monetary Fund.

Miners were among the prominent fallers on the Footsie leader-board, with the likes of Rio Tinto, BHP Billiton and Glencore rubbing shoulders in the basement with ex-dividend stocks United Utilities and Compass.

House builders were wanted, however, with Barratt Developments, Taylor Wimpey and Persimmon all notching up gains of more than one per cent.

Among the mid-caps, oilfield support services group Petrofac (LON:PFC) shot up 36p to 973p after Nomura whacked up its price target to 1,130p.

The best performer of the day was a small cap – Daniel Stewart (LON:DAN) after a successful fund-raising. The stockbroker saw its share rise 41% to 2.93p after it found backers willing to pay 3.35p for a pile of shares.

Rob Terry has been active since giving up the helm at Quindell and today it was revealed he has lifted his stake in Imaginatik (LON:IMTK), to 4.17%.

Shares in the technology firm have been rising steadily this week and hit 7.625p today, up 27%.

The market cap of Stratex International (LON:STI) rose by more than a fifth as it announced that production at the Altintepe gold mine in Turkey is scheduled to start in September.

Stratex owns 45% of Altintepe, but under the terms of the joint venture deal its partner Bahar Madencilik will receive 80% of the net cash until it has recouped the US$39mln that it will spend on construction.

Amur Minerals (LON:AMC) advanced 3.75p to 28p on news that the eastern Russia metal explorer had completed its acquisition of the detailed exploration and production licence for the Kun-Manie scheme.

On the downside, Trap Oil (LON:TRAP) leaked 0.23p to 0.40p after a North Sea well came up dry.

Shares in Independent Resources (LON:IRG) were also battered, shedding almost a third at 0.68p, after the North Africa-focused oil explorer said it would still need extra funding in coming months to keep going and to cover its share of costs on its Ksar Hadada project in Tunisia.

 


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