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The Markets
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FTSE100 closes down as investors weigh up macro issues

Britain's top share index closed around 21 points down as traders mulled over Greece, potential UK interest rate rises and the US economy.

Britain's top share index closed around 21 points down as traders mulled over Greece, potential UK interest rate rises and the US economy.

The UK benchmark closed out at 6,775- lower - along with many other global markets.

The Dow Jones is down 68 at the time of writing, while the German Dax is down 44 at 11,673.

Earlier, the German parliament gave the go-ahead to the £60bn rescue package for ailing Greece, which was struck on Monday, after Athens did the same on Wednesday night.

Governor of the BoE Mark Carney signalled last night that UK interest rates may rise at the turn of the year and then gradually increase,

Across the pond, inflation rose last month (June) compared to a year ago as rents increased by the most in almost two years, data showed on Friday. Also housing starts beat analysts' expectations.

The biggest gainer on Footsie was budget carrier EasyJet (LON:EZJ), which flew 1.8% higher to 1,698p. Indeed airlines were doing well IAG (LON:IAG), the British Airways owner, was up 1.61%, at 567p.

The biggest laggard was Royal Mail Group (LON:RMG), which posted a 1.72% drop to 508.5p, as it had had the scope of a new review into how it operates spelt out by Ofcom.

The regulator announced the review in June following the withdrawal from the market by Whistl, which had been moving into the letter delivery market as direct competitor.

In an update today, Ofcom said its review would look at the steps needed to ensure Royal Mail continues to improve its efficiency and whether retail or wholesale price caps might be required.

Also lower were the big miners with Randgold Resources (LON:RRS) easing over 2% to 4,004p.

High Street bellwether Marks & Spencer’s (LON:MKS) lost in early deals but added 1.19% to 539.5p as it announced the departure of John Dixon, the head of its clothing and homeware business.

Dixon, who had been in charge of general merchandise since 2013 will be replaced by current food division boss Steve Rowe.

Elsewhere, online gaming company Bwin.party (LON:BPTY) has chosen 888 Holdings (LON;888) as its preferred suitor in a cash-and-shares deal worth almost £900mln. 888 shares added 8.59% to 173.75p, while BPTY gained 1.07% to 104p.

In small caps, US-focused onshore oil firm Tomco (LON:TOM) said it has now received all necessary permits to take the Holliday Block shale oil project in Utah into production and development.

The AIM firm was granted a ground water discharge permit and a construction permit today. Shares gained 38.46% to 0.18p.

Also higher was Rurelec (LON:RUR) after it completed the sale of its Canchayllo project in Peru for US$6.8mln. Shares rose 2.74% to 1.875p.

New World Oil and Gas (LON:NEW) slumped around 70% to 0.0775p as the company resumed trading on the London Stock Exchange this morning having been suspended since May this year.

Atlas Development & Support Services (LON:ADSS) also fell around 61% to 0.775p as the oilfield services speicalisT lowered its sales expectations due to the weakness in crude prices.

The Kenya-based group has also stepped up its efforts in new business areas, such as geothermal, while also cutting back on costs.

The second half will be much weaker than originally expected and mean a loss overall for the year.

Meanwhile, Motif Bio (LON:MTFB) gained 4.62% to 68p. The company received a boost from the American regulator that could see its antibiotic fast tracked.

The qualified infectious diseases product (QIPD) designation also has the potential to extend the exclusivity period Motif has over its product, iclaprim, if it successfully makes it to market.

The US Food & Drug Administration has assigned the drug QIPD status for the treatment of hospital acquired bacterial pneumonia (HABP).

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