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Banking stocks hit as EU vote approaches

10 June 2016 16:50

Banking stocks were hit as investors grow increasingly nervous about the EU referendum vote and potential impact to the UK economy.

Barclays, Standard Chartered, Royal Bank of Scotland, HSBC and Prudential were among the blue chip fallers.

The FTSE 100 slumped 1.8% to 6,119.47 and FTSE 250 closed 1.6% lower at 16,828.1.

West Texas Intermediate (WTI) dropped 2.2% to $49.46 and Brent crude oil fell 2.2% to $50.79 per barrel, respectively.

Gold glittered at $1,276.3 per ounce and copper was down 0.4% to $4,475.45 per tonne.


Shares in recruitment stocks took a tumble after SThree (STHR) issued a downbeat trading update, flagging a slowdown in both the UK and US. Its shares fell 8.4% to 321.5p. PageGroup (PAGE) recovered, but Hays (HAS) retreated by 6% in sympathy. Deutsche Bank also issued a 'sell' rating for the sector.

Supermarket giant Tesco (TSCO) agreed to sell its 95% stake in Turkish grocery business Kipa and dispose of its loss-making Giraffe restaurant for an undisclosed sum. The shares fell 4% to 151.5p.

US consumer sentiment fell to 94.3 according to the University of Michigan's survey this month.


Family brewer Fuller, Smith and Turner (FSTA) fell 3.4% to 1,038p after saying that trading had slowed since the start of its new financial year in late March.

Loo roll maker Accrol (ACRL) rose 10% to 110p after it floated on AIM with a market cap of £93m.

Women's retailer Bonmarche (BON) reported pre-tax profit fell by nearly a third, although revenue and sales were up in the year to 26 March. Shares advanced 2.3% to 130.5p.

Prospex Oil and Gas (PXOG) suffered a higher operating loss and is seeking additional investment opportunities, but this failed to impress the market as shares fell 7.8% to 1.08p.

SaaS technology company Eagle Eye Solutions (EYE) said revenue for the year to 30 June was lower than expectations as a result of contracts taking longer to go live and the knock-on effect on the ability to drive campaigns, generating lower business revenue. Shares slumped 12.3% to 160p.

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