UK equities declined after IMF disagreed on Greek bailout terms

Source: Dukascopy Bank SA
© Scanpix/AFP
UK stocks sagged on Tuesday after the IMF disagreed on bailout terms for Greece. Meanwhile, eurozone's finance ministers postponed the decision regarding the next part of Greek bailout to November 20. Risk-aversion also jumped in wake of mounting concerns over looming US fiscal battles. The FTSE 100 Index edged down 0.51% to trade at 5,737.75. Five out of ten sectors posted mild gains. Consumer goods sector was the strongest. Associated British Foods and Diageo climbed 1.37% and 0.81%. Meanwhile, ITV Group jumped 7.03% after Citigroup revised upward the company's earnings-per-share estimate, citing improving non-advertising revenues. At the same time, telecommunications and basic materials created heavy pressure on the UK stock index. Vodafone Group plunged 4.56% after announcing a USD9.4-billion write-down for its operations in Italy and Spain. Among basic materials, Antofagasta and Eurasian Natural Resources slid 1.75% and 1.35%.


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