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FTSE100: 6,633.51 +23.58 (0.36%)

Greek election weighs on eurozone

Stock MarketMon (close): The Greek parliament’s failure to elect a president and call an early election weighed on stock markets across Europe while London turned up by the end of the sesssion.

Most indices were trading lower after the Greek decision which threatens to plunge the eurozone into another period of uncertainty, especially as Syriza, the likely winner in the election wants to renegotiate the bail-out package.

Even so, the eurozone now has the necessary mechanisms in place to fend off any potential contagion risks which might arise should Greece leave the single currency area.

Earlier, sovereign Greek 10-year bond yields were higher by 67 basis points to 8.63% and the Athens stock exchange’s main index was down 6.74% although off its intra-day lows.

Brent crude was up 16 cents at $59.61 per barrel after hitting $60.25 per barrel caused by interruptions to supplies from Libya which has been hit by outbreaks of fighting.

In London, Royal Mail topped the risers board at 442.5p (+4.59%) as a result of the collapse of rival parcels carrier City Link.

 

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