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Tobacco firms weigh on FTSE 100 FTSE 100 hit by tobacco firms and worries over Greece
(about 3 hours later)
(Open): The FTSE 100 fell in early trade, with shares in British American Tobacco (BAT) lower after a Canadian court ordered one of its subsidiaries to pay billions in damages. (Noon): The UK market was lower as tobacco shares fell following a court ruling in Canada, and with worries persisting over the Greek debt crisis.
BAT subsidiary Imperial Tobacco Canada is one of three firms ordered to pay a total of $12bn to smokers in Quebec Shares in British American Tobacco (BAT) fell 2.4% lower after a Canadian court ordered one of its subsidiaries to pay billions in damages.
BAT said it would appeal against the ruling, but its shares were down 1.7%. Shares in Imperial Tobacco fell 1.3%. BAT subsidiary Imperial Tobacco Canada is one of three firms ordered to pay a total of $12bn to smokers in Quebec.
The FTSE 100 index was down 2.61 points at 6,950.97. Rival firms also saw their shares fall, with Imperial Tobacco down 1.7%.
A strong performance from Wolseley helped to offset some of the falls in tobacco stocks. The FTSE 100 index was down 31.98 points at 6,921.60, with Greece continuing to hit sentiment.
Shares in the plumbing supplies firm rose 3.4% after it reported a 12.4% rise in underlying revenues to £3.3bn for the three months to 30 April. Greek Prime Minister Alexis Tsipras said on Tuesday the government had submitted "a realistic proposal" to its international creditors in an attempt to secure a deal over its debts.
AO World saw its shares drop 4.6% to 168.10p after the online retailer of items such as washing machines and fridges reported a full-year pre-tax loss of £2.9m. "Traders' patience is at breaking point, and without a deal on the table for Greece the prospect of a default is growing," said David Madden, market analyst at IG.
On the currency markets, the pound rose 0.05% against the dollar to $1.5208, but fell 0.4% against the euro to €1.3859. "The spotlight is shining extra bright on Athens this week, with no agreement announced yet, and more dealers are exiting the market because they can't stand the heat."
Shares in plumbing supplies firm Wolseley rose 2.3% after it reported a 12.4% rise in underlying revenues to £3.3bn for the three months to 30 April.
AO World saw its shares drop 3.5% to 170p after the online retailer of items such as washing machines and fridges reported a full-year pre-tax loss of £2.9m.
On the currency markets, the pound rose 0.20% against the dollar to $1.5232, but fell 0.8% against the euro to €1.3805.
The euro was boosted against other currencies by the latest figures from Eurostat which showed eurozone inflation rose to a stronger-than-expected 0.3% in May.