Tsipras resigns; Premier Oil; WH Smith

Greece Germany BBCThur close:  Markets were hit as Greek Prime Minister Alexis Tsipras announced his resignation, paving the way for another election next month.

Elected in January, Tsipras was dealt a crucial blow by MPs within his Syriza party, as a large number of dissidents opposed the measures he agreed in order to secure a third bailout programme.

Greece made a €3.2bn repayment to the European Central Bank today as it received the first tranche of cash from its third bailout. It also secured important backing from the Germans.

In Britain, retail sales rose, albeit at a rate below expectations, and manufacturing output figures were also up.


In corporate news Premier Oil  said it has been hit hard by impairment charges on its Solan project in the North Sea, as oil continues to hover around the $50 a barrel mark. The oil explorer slumped to a pre-tax loss of $214.7m in the six months to 30 June, well below expectations for a $44.3m profit.

In a trading update WH Smith said store openings and sales on the high street were in line with expectations with sales ahead of the company’s target. It was boosted by sales of books such as Go Set A Watchman by Harper Lee and the latest in the Fifty Shades of Grey series by E L James.

The FTSE 100 closed down 0.56% at 6,367.89 and is now on its worst losing run since 2011.

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