– The FTSE 100 rose 59.06 points to 6,732.44.
– The FTSE 250 gained 214.48 points and closed at 17,700.75.
– The FTSE All Share increased by 33.82 points to 3,669.37.
– The FTSE AIM All Share finished 2.48 points higher at 752.30.
An eleventh-hour deal has been reached between Greece and its Eurozone creditors this morning after negotiations ran through the night. Greece will have to streamline VAT, make pensions more sustainable and implement concrete measures to broaden its tax base by the end of the week. Additional changes to labour and energy markets as well as civil justice proceedings will have to take place by the 22nd of this month. In the longer run, privatisations will take place and these reforms will be a precursor to any further discussion of bailouts. Markets reacted cautiously to the news, as the deal still has to get through the Greek parliament.
The Financial Times has reported that Barclays (BARC) may attempt to buy another UK bank in order to speed up the ring-fencing of its investment arm. At present, Barclays only holds a single banking licence and would normally have to apply for a second before it could split its operations. Speculation suggests that the new investment banking firm would also own the Barclaycard and corporate finance divisions. Barclays shares rose by 5.5p to 273.55p.
Specialist chemicals manufacturer Collagen Solutions (COS) saw its losses rise to £1.1 million for the year ended 31st March as costs rose due to the company’s expansion. Revenues also increased dramatically, climbing from £0.02 million to £0.9 million due to orders from a range of new clients and management expect growth to continue in the current financial year. The shares climbed 5.4% to 9.75p.
Gold miner Hummingbird Resources (HUM) made a positive announcement about ore quality at its Malian project as it revealed that the grade at its initial site was 15% higher than forecast from the grade control orientation panel. Hummingbird shares closed the day at 32.5p, up by 2.36%.
888 Holdings (888) is reportedly planning to launch a new bid for rival Bwin.party (BPTY) after AIM listed outfit GVC made an offer last week. The Sunday Times said that GVC has been named preferred bidder, but as of yesterday nothing had been finalised. 888 had previously commented on takeover speculation in mid-May, but said nothing today. Shares in 888 Holdings fell by 2p to 155.75p, while those in Bwin rose by 0.7p to 102.1p.
Tomorrow’s news today
Begbies Traynor (BEG) will publish final results on Monday morning.
UK inflation data will be posted as will US retail sales figures.
Quote of the day
“A wild and crazy weekend involves sitting on the front porch, smoking a cigar, reading a book.”
– Robert M. Gates