UK equities drop as Eurogroup meeting ends with no decision

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Source: Dukascopy Bank SA
© Scanpix/Reuters
UK shares moved lower as the eurozone's finance ministers failed to agree on the next Greek bailout tranche, thus fuelling concerns over the economic instability in the region. However, losses were capped as the BoE voted in favour of maintaining its asset-purchasing program at GBP375 billion. The FTSE 100 Index eased down 0.08% to trade at 5,743.69. Five out of ten sectors posted gains. Technology and utilities were the strongest sectors in the index. Sage Group climbed 0.4%, while United Utilities Group and Centrica rallied 2.35% and 0.79%. Meanwhile, lenders were bullish after the BoE statement. Barclays, Lloyds Banking Group and Royal Bank of Scotland Group advanced 1.08%, 0.68% and 0.31%, respectively. At the same time, mining stocks weighted down on the FTSE 100 Index. Shares of Johnson Matthey, Randgold Resources and Eurasian Natural Resources plunged 6.37%, 2.02% and 1.82%, respectively. Johnson Matthey sank after posting a 6% fall in H1 pre-tax profits amid weak precious metals prices.


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