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FTSE 100 hit by Greece worries Banking stocks weigh on FTSE 100
(about 4 hours later)
(Open): The FTSE 100 fell in early trade, as confidence was hit by worries over whether Greece will be able to meet upcoming loan repayments. (Noon): Worries over prospects for the eurozone weighed on banking shares, helping to drag the FTSE 100 lower.
At the weekend, Greece's Interior Minister, Nikos Voutsis, warned the country had run out of funds and would not be able to meet payments due next month. Investors were rattled by gains for anti-austerity parties in Spanish local elections over the weekend.
The benchmark FTSE 100 index fell 28.23 points to 7,003.49. Worries are also persisting over whether Greece will be able to meet upcoming loan repayments.
Royal Mail shares jumped more than 2% to 514.50p following a broker upgrade. The FTSE 100 fell 13.13 points to 7,018.59. Among the banks, Barclays fell 0.7%, RBS dropped 1.2% while Lloyds was 0.9% lower.
However, Royal Mail was having a better day, with its shares jumping nearly 3% to 518.50p following a broker upgrade.
Cantor Fitzgerald upgraded its rating on Royal Mail to "hold" from "sell", and also increased its target share price to 500p from 440p.Cantor Fitzgerald upgraded its rating on Royal Mail to "hold" from "sell", and also increased its target share price to 500p from 440p.
Easyjet was also one of the biggest risers in the FTSE 100, climbing 1.4%. Easyjet shares rose 0.6% after Irish rival Ryanair reported a big jump in full-year profits, helped by rising passenger numbers and lower fuel costs.
Easyjet's gains came after Irish rival Ryanair reported a big jump in full-year profits, helped by rising passenger numbers and lower fuel costs. AstraZeneca shares fell 1.1% after Amgen said it was ending a collaboration with AstraZeneca over developing a psoriasis drug.
AstraZeneca shares fell 1.1% after Amgen said it was ending a collaboration with Astra over developing a psoriasis drug. On the currency markets, the pound fell 0.5% against the dollar to $1.5411, but it rose 0.5% against the euro to €1.4133.
On the currency markets, the pound fell 0.45% against the dollar to $1.5419, but it jumped 0.56% against the euro to €1.4140.