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China bounce helps lift FTSE100

Thur close: A bounce in Chinese stock markets brought some relief elsewhere although Greece continued to weigh ahead of further proposals to resolve the debt crisis due at midnight.

The FTSE100 closed 90.93 points higher at 6,581.63 as China’s benchmark Shanghai equity index bounced back by 5.76%.

The Shanghai Composite Index has seen about $3.9trn wiped-off Chinese stocks’ market capitalisation up to 8 July, more than the value of the entire London market.

As regards to Greece, some economists had turned clearly more pessimistic, although they said a short-term fix of sorts was still possible.

At home, the Bank of England’s Monetary Policy Committee decided to keep its policy settings unchanged.

Among stock movers Primark owner Associated British Foods was  a riser on the back of a rise in sales, along with housebuilder Barratt Developments  which said in a trading update that it expected to see a 45% increase in full-year pre-tax profit.

Balfour Beatty issued another profit warning, with pre-tax profit likely to be lower by between £120m to £150m due to problems discovered in various parts of the infrastructure construction group as part of a continuing business review.

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