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FTSE 100 dips as Greece worries persist | |
(about 4 hours later) | |
(Close): The FTSE 100 made little headway on Thursday, with investors wary as Greek debt talks showed few signs of making headway. | |
At the close of trading, the FTSE 100 was down 36.98 points at 6,807.82. | |
Greece and its international creditors remain in deadlock over its debt crisis despite a series of top-level meetings. | |
European finance ministers met, but made no progress. Separately, Greece's prime minister and its lenders also failed to find an agreement. | |
David Madden, market analyst at IG, said: "It's going to end with a bang and the markets are silently building up volatility, and it's either going to end in a hallelujah moment or Armageddon." | |
In addition to worries over Greece, a number of firms weighed on the market after their shares went ex-dividend. | In addition to worries over Greece, a number of firms weighed on the market after their shares went ex-dividend. |
These included United Utilities Group, down 3.7%, and Experian, which was 0.5% lower. | |
Shares in Tesco were up 0.9% following reports that its South Korean business has plenty of suitors. | |
A Korean newspaper reported that there were seven to eight preliminary bidders for the Homeplus supermarket chain. Orion Corp has confirmed that it has made a preliminary bid for the business. | A Korean newspaper reported that there were seven to eight preliminary bidders for the Homeplus supermarket chain. Orion Corp has confirmed that it has made a preliminary bid for the business. |
In the FTSE 250, shares in DS Smith rose 3.9% after the packaging firm said it agreed to buy the corrugated products business from Spanish company Grupo Lantero for €190m. | |
DS Smith also reported a 20% increase in pre-tax profits to £200m for the year to 30 April. | DS Smith also reported a 20% increase in pre-tax profits to £200m for the year to 30 April. |
Shares in Debenhams rose 1% after the retailer said it was on track to meet analysts' expectations for full-year results. | |
That was despite the department store group recording flat like-for-like sales in the 15 weeks to 13 June. | That was despite the department store group recording flat like-for-like sales in the 15 weeks to 13 June. |
"Our customers tell us that, whilst they recognise the improving economic background, they remain cautious in their spending," said chief executive Michael Sharp. | "Our customers tell us that, whilst they recognise the improving economic background, they remain cautious in their spending," said chief executive Michael Sharp. |
On the currency markets, the pound gained 0.1% against the dollar to hit $1.5726, and rose 0.2% against the euro to €1.4046. |