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Mon City Brief: New high despite Greek worries

Greek woes failed to flatten the euphoria of last week’s record run, with decent gains from banking, oil and mining stocks helping to buoy markets for most of the day.

The FTSE100 was up by 0.07% at 7,027.26 to another all-time closing high, beating the 7,022.51 close on Friday.

It fell briefly below its new watershed, down to 6,991.43 at one point, but was still outperforming the wider European market in morning trade, with indices in France and Germany posting big falls as Greek worries resurfaced.

Greek prime minister Alexis Tsipras remains in a stand-off with German chancellor Angela Merkel, warning that Athens will not be able to service debt obligations unless the EU distributes short-term financial aid.

Merkel will meet Tsipras during an EU summit on Thursday.

European stocks were in decline at noon, as renewed concerns over Greece’s financial situation weighed on investors’ minds. Germany’s DAX, which hit a record high of 1,2219.05 points last week, was down 1.09%, while France’s CAC 40 lost 0.76% and the pan-European FTSEurofirst 300 shed 0.78%.

In a quiet corporate session, FirstGroup rose 3.45p to 98.5p after securing an extension to the Great Western rail franchise until April 2019.

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