FTSE 100 CLOSE: Greek deal fails to spark FTSE rise
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The FTSE 100 ended Tuesday’s session down as investors digested the news that Greece has secured a second bailout deal.
The international community agreed to give the country loans worth more than €130 billion (£110 billion) after more than 12 hours of negotiations last night.
To secure the deal, the Greek government agreed to cut debts to 120.5% of its GDP by 2020 and allow European Union monitors to oversee its economic management.
The FTSE 100 closed today down 17.05% points at 5,928.2. The market had traded with uncertainty over the course of the day as the anticipation of the Greek bailout was widely priced in yesterday, which saw the blue-chip index close at a 2012 high.
Steel and mining business Evraz led the day’s biggest fallers, dropping by 4.56% to 412.7p.
Tullow Oil eased 3.62% to 1,543p, while precious metals producer Polymetal International fell 3.6% to 1,045p. Advertising firm WPP retreated 2.08% to 799.5p and oil and gas company Cairn Energy dropped 2.03% to 347p.
Mining stock Vedanta Resources was the day’s top riser after announcing that it is considering overhauling its corporate structure.
Insurer Admiral, broadcaster ITV, dealer-broker ICAP and copper miner Kazakhmys were today’s other strong gainers.
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