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Market Wrap - Market Open

FTSE dives as Greece spectre sparks equities exodus

29 June 2015 09:01

FTSE indices plunged as very jittery investors dumped equities after Greece bailout talks broke down, apparently setting the country on course for financial collapse and potential EU exit. Financial-sector blue chips were notable fallers in the already torrid session.

Shortly after the open, FTSE 100 was down 140.64 points, or 2.08%, to 6613.06, levels last seen at the start of 2015. FTSE 250 was down 378.77, or 2.13%, to 17,443.6. Wall St was lower, as were Asian markets. Germany's DAX fell 3.84%, while France's CAC 40 dived 4.04%.

TUI AG (TUI) led the pack with a 8.54% cliff dive to 1019p, with International Consolidated Airlines (IAG), down 4.24% to 492.5p, trailing. Easyjet (EZJ) was looping 2.98% lower to 1530p. Beverages outfits also felt the pain with SABMiller (SAB) popping 2.64% lower to 3333p, while Coca-Cola HBC (CCH) fizzed down 2.94% to 1387.5p.

Thereafter financial stocks were in focus. Hargreaves Lansdown (HL.) lost 3.93% to 1149p, with Standard Chartered (STAN) off 3.36% to 1019.25p. Aberdeen Asset Management (ADN) lost 3.3% to 404p. HSBC (HSBA) tapered 2.71% to 573.85p, with Old Mutual (OML), Admiral (ADM), Aviva (AV.) and Barclays (BARC) all southbound, too.

FTSE 350's index for industrial metals plunged 3.99%, while that for forestry and paper slithered 3.01% lower. The ladder's general financial index was down 2.66%, while that for banks slumped 2.68%. Multiple other 350 indices were down more than 2%, but particularly notable were those for oil & gas producers, oil equipment services & distribution.


Progility (PGY), dopwn 34% to 3.63p, said although almost all divisions are trading profitably, the final few months' trading is expected to be disappointing with ebitda, after central costs, markedly below expectations.

Transense Technologies (TRT), down 23.29% to 1.63p, has conditionally raised about £2m with the issue of 135.1m shares at 1.5p each. It added Nigel Rogers is to join as Non-Executive Deputy Chairman following Placing Admission.

HSS Hire Group (HSS), down 22.47% to 141.5p, said its Q2 trading performance was marginally below expectations. Amur Minerals (AMC), up 14.24% to 33.13p, has posted a FY pretax loss of $1.4m, down from $3.8m last time. It has also issued a forward-looking operational blueprint for the development of the Kun-Manie nickel copper sulphide project.

Gulf Keystone (GKP), down 11.88% to 35.25p, has confirmed that it continues to produce more than 40,000 barrels of oil a day following the successful completion of de-bottlenecking operations at PF-1.


Savannah Resources (SAV), down 10.53% to 2.55p, said positive preliminary results from the completed Versatile Time Domain Electromagnetic (VTEM) survey indicate that there are potential clusters of Volcanic Massive Sulphides (VMS) within the Block 4 copper-gold project, Oman.

LGO Energy (LGO), down 10.29% to 3.05p, said testing continues successfully on well GY-674 and work is under way on well GY-673. Testing on well GY-672 will commence once those operations have been completed.

Northcote Energy (NCT), down 6.98% to 0.2p, said, in line with its strategy to dispose of certain non-core assets in its portfolio, it has sold its 100% working interest (WI) in the East Blackwell Skinner Sand Unit in Kay County, Oklahoma, for $75,000 in cash.

UK Oil & Gas Investments (UKOG), down 5.58% to 2.03p, has executed a Farm-in agreement with Egdon Resources UK Ltd to acquire a 20% interest in UK onshore licence PEDL143, further increasing UKOG's interests in the Weald Basin. The operator of PEDL143 is Europa Oil & Gas Limited.

Redde (REDD), up 2.91% to 132.5p, said Q4 trading has continued the positive trend shown in the first 9 months of the year. Indications are that the operating results before exceptional costs for the financial year ending 30 June 2015 are likely to exceed the upper end of market expectations.

Oilex Ltd (OEX), down 3.7% to 3.25p, confirms the start of gas sales from Cambay-73 into the low pressure local market near the Cambay Field. Average daily production from Cambay-73 is ~ 50.5 boepd including condensate.

Petroceltic (PCI), down 3.34% to 104.88p, has substantially widened its FY pretax loss to $271.98m, from $4.5m. Revenue was $157.2m, from $196.7m. The results included $183.4m of exploration costs written off, and a $83.4m impairment of oil and gas assets.

Other stocks in the news included InterQuest (ITQ), Vianet Group (VNET), Lamprell (LAM), Galasys (GLS), 3Legs Resources (3LEG), Redcentric (RCN), Active Energy (AEG), Quindell (QPP), Premier Technical Services Group (PTSG), Griffin Mining (GFM), STM Group (STM), Milestone Group (MSG), Baron Oil (BOIL), China Nonferrous Gold (CNG), Pinnacle Technology (PINN) and IS Solutions (ISL).

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