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Banking stocks weigh on FTSE 100 | Banking stocks weigh on FTSE 100 |
(about 4 hours later) | |
(Close): Worries over prospects for the eurozone weighed on banking shares, helping to drag the FTSE 100 lower. | |
Investors were rattled by gains for anti-austerity parties in Spanish local elections over the weekend. | Investors were rattled by gains for anti-austerity parties in Spanish local elections over the weekend. |
Worries are also persisting over whether Greece will be able to meet upcoming loan repayments. | Worries are also persisting over whether Greece will be able to meet upcoming loan repayments. |
The FTSE 100 closed 82.73 points lower at 6,948.99. Among the banks, RBS dropped 2.8% and Barclays fell 1.9%, while Lloyds shed 1.3%. | |
However, Royal Mail was having a better day, with its shares jumping nearly 3.6% to 521.50p 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 shares rose 1.6% after Irish rival Ryanair reported a big jump in full-year profits, helped by rising passenger numbers and lower fuel costs. | |
AstraZeneca shares fell 2.2% after Amgen said it was ending a collaboration with AstraZeneca over developing a psoriasis drug. | |
On the currency markets, the pound fell 0.52% against the dollar to $1.5409, but it rose 0.56% against the euro to €1.4140. |