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Greece debt: FTSE 100 slides as worries over Greece persist | Greece debt: FTSE 100 slides as worries over Greece persist |
(about 4 hours later) | |
(Close): Shares in London and across Europe have continued to fall, with Greece expected to fail to make a payment to the IMF. | |
Greece's bailout deal ends on Tuesday, as it faces a deadline to repay a €1.6bn (£1.1bn) loan to the IMF. | Greece's bailout deal ends on Tuesday, as it faces a deadline to repay a €1.6bn (£1.1bn) loan to the IMF. |
The FTSE 100 closed down 99.5 points, or 1.5%, at 6,520.98. | |
Shares had rallied on reports of talks taking place over whether Greece could accept an offer by creditors allowing it to repay part of its debt. | Shares had rallied on reports of talks taking place over whether Greece could accept an offer by creditors allowing it to repay part of its debt. |
Greek media said one of Greece's creditors made a last-minute proposal of reforms on Monday. | Greek media said one of Greece's creditors made a last-minute proposal of reforms on Monday. |
The news briefly pushed the German and French stock markets into positive territory. However, the rally was short-lived. | The news briefly pushed the German and French stock markets into positive territory. However, the rally was short-lived. |
By the end of the day, Germany's Dax index had fallen 1.25%, while in France, the Cac 40 index had tumbled by 1.6%. | |
On the currency markets, the euro fell 0.8% against the dollar to $1.1148. The euro had fallen to a four-week low of $1.0955 on Monday before recovering to above the $1.12 mark. | |
The pound rose 0.85% against the euro to €1.4111 but fell 0.1% against the dollar to $1.5719. | |
Supermarket shares | Supermarket shares |
Among individual shares on the London market, the supermarket sector came under focus following the latest survey of the sector. | Among individual shares on the London market, the supermarket sector came under focus following the latest survey of the sector. |
Shares in Tesco fell 2.8% while Sainsbury's dropped 3.25% after the latest Kantar Worldpanel survey found both had seen sales fall 1.3% in the 12 weeks to 21 June. | |
Shares in Ocado gained 3.7% following the online grocer's latest results. | |
Ocado reported pre-tax profits of £7.2m for the half-year to 17 May, down slightly from £7.5m a year earlier, with gross sales up 15.7% to £511.9m. | Ocado reported pre-tax profits of £7.2m for the half-year to 17 May, down slightly from £7.5m a year earlier, with gross sales up 15.7% to £511.9m. |
The company also said it hoped to sign a deal to sell its technology to overseas retailers by the end of the year. | The company also said it hoped to sign a deal to sell its technology to overseas retailers by the end of the year. |