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FTSE 100 hit by tobacco firms and worries over Greece | FTSE 100 hit by tobacco firms and worries over Greece |
(about 5 hours later) | |
(Close): The UK market closed lower as tobacco shares fell following a court ruling in Canada, and with worries persisting over the Greek debt crisis. | |
Shares in British American Tobacco (BAT) fell 2.5% lower after a Canadian court ordered one of its subsidiaries to pay billions in damages. | |
BAT subsidiary Imperial Tobacco Canada is one of three firms ordered to pay a total of $12bn to smokers in Quebec. | BAT subsidiary Imperial Tobacco Canada is one of three firms ordered to pay a total of $12bn to smokers in Quebec. |
Rival firms also saw their shares fall, with Imperial Tobacco down 3.02%. | |
The FTSE 100 index was down 25.31 points at 6,928.27 with Greece continuing to hit sentiment. | |
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. | 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. |
"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. | "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. |
"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." | "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 1.87% 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 3.52% 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 0.86% against the dollar to $1.53310 but fell 1.03% against the euro to €1.37740. | |
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. | 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. |