UK shares slide on Greek concerns

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Source: Dukascopy Bank SA
© Scanpix/Reuters
UK shares moved lower as traders are eying Eurogroup talks on Greek bailout resumed for the third time on Monday. Sending UK equities lower, the Institute for Fiscal Studies reported that austerity measures in the UK may have to be continued until 2018 if economy does not pick up soon. The FTSE 100 Index sagged 0.63% to trade at 5,782.46. Only two in ten sectors inched up. Telecommunications and consumer goods were the only gainers, with BT Group and Unilever climbing 0.22% and 0.29%. On the downside, lenders and basic materials tanked 1.19% and 0.7%. Barclays, Royal Bank of Scotland Group and Lloyds Banking Group shed 4.27%, 2.59% and 1.8%, respectively. Barclays slumped after Qatar Holding disposed remaining warrants in the bank and underlying equities were sold. Miners also followed a downward trend, with Eurasian Natural Resources and Randgold Resources sinking 1.93% and 1.73%. Meanwhile, Aberdeen Asset Management dropped 2.01% despite posting upbeat full-year results.

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