London’s blue-chip stocks opened lower today as Greek worries continue to linger in Europe.
Experts predict Greece’s funds are dwindling as negotiations between finance chiefs and the Syriza government have made slow progress.
Overnight, the Dow Jones closed Monday around 85 points, 0.47%, lower at 18,105 while the S&P 500 ended the session down 0.51% at 2,105.
In the UK the FTSE 100 neared a triple digit loss, dropping 90 points to 6,961, in early trading led lower by Easyjet (LON:EZJ).
The budget airline revealed it had a record first half to the year but said an early Easter and more than 600 disruptions meant the third quarter would be 4% lower. Shares dropped almost 8% to 1,692p.
Meanwhile, miners dominated the few risers today as the market finally responded to the third consecutive interest rate cut in China.
The news should mean an uptick in demand for metals and Anglo American (LON:AAL) led the risers, climbing 1% to 1,140p.
There were also gains for BHP Billiton (LON:BLT) and Randgold Resources (LON:RRS), both 0.5% higher, which rounded out the top three.
In broker news, JP Morgan Cazenove decided it fancied a pint and raised its rating on a number of pub-related companies.
Pub chain owner Greene King (LON:GNK) gained the most on the news, rising more than 1% to 814p, after it was bumped up to ‘overweight’ from ‘neutral’.
Thomas Cook (LON:TCG) was handed an upgrade by Credit Suisse which now reckons the shares will outperform on the travel firm with a target price of 1140p. Shares were 3% higher to 157p in early trading.
Conversely, Asia-focussed bank Standard Chartered (LON:STAN) was downgraded by Macquarie Research to ‘underperform’ from ‘neutral’. Shares eased 1% to 1,038p.
In small caps, Europa Oil & Gas (LON:EOG) unveiled an independent assessment of its Irish offshore exploration project that estimates the potential for about 1.5bn barrels of oil. Shares jumped 5% to 6.7p.
W Resources (LON:WRES) will seek a partner to develop the CAA/Portalegre prospect in Portugal after scout drilling backed up surface indications of gold. Shares climbed 11% to 0.3p.
Cyan Holdings (LON:CYAN), the smart metering and lighting control group, has been chosen by Adenco Construction as its preferred supplier in South Africa. Shares climbed almost 5% to 0.28p.
The big riser of the day however was African Copper (LON:ACU). The company issued a correction to an earlier statement that said it would remain subject to the City Code on Takeovers and Mergers once its listing on AIM has been cancelled. Shares climbed 40% to 0.2p.
Elsewhere, Marble quarry owner Fox Marble (LON:FOX) has raised £2mln to pay off an outstanding convertible loan and buy more processing equipment. Shares dropped 5% to 20p.
The big faller was media brand building company Reach4Entertainment (LON:R4E) after it said it expects to report a loss in 2014 far below market expectations. Shares plummeted 40% to 0.8p.