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FTSE spirals; BP falls on Deepwater ruling
British and European markets go into reverse as inconclusive Greek debt talks drag the mood down.
Markets
On Wall Street markets fell further on the news: The Dow Jones Industrial Average slipped 0.68% to 12,647, the Standard & Poor's 500 index inched down 0.37% to 1,314, and the Nasdaq Composite index softened 0.09% to 2,808.
Next tops the FTSE
Retailer Next (NXT.L) rose 45p, or 1.7%, to £26.39 to the top of the index as researchers at AlphaValue upgraded the stock to a ‘buy’ and increased its price target from £34.68 to £34.81.
The store made gains in a difficult Christmas market, and total sales increased 3.1% from August 1 to December 24, mostly supported by its online and home-ordering services.
Intercontinental Hotels (IHG.L) slipped 36p, or 2.7%, to £13.21 as UBS cut its rating on the group from ‘neutral’ to ‘sell’.
Shares in the hotel have risen 35% since November, and analysts at the bank said they were downgrading the stock as they are ‘relatively cautious on European hotel stocks for 2012’.
Among Citywire Top Stocks® Imagination Technologies (IMG.L) added 1.5p, or 0.3%, to 581p; Galliford Try (GFRD.L) fell 7p, or 1.5%, to 470p; and African Minerals (AMI.L) shed 23.5p, or 4.2%, to 540p.
Miners reversed Thursday’s gains to lead the retreat on the FTSE 100 on US growth concerns. Kazakhmys (KAZA.L) lost 34p, or 2.9%, to £11.60; Antofagasta (ANTO.L) dropped 42p, or 3%, to £13.48; and Polymetal International (POLYP.L) fell 27p, or 2.3%, to £11.25.
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9 comments so far. Why not have your say?
Keith Snell
Jan 27, 2012 at 18:27
Presumably the eorozone leaders and those expecting Greece to agree to terms that would only put off the day of default remain in cloud cuckoo land, now firmly in EU territory.
report thisFranco
Jan 27, 2012 at 18:56
Greece should default and tell the bankers, including our own bonus-gorged pigs who are holding its debt, go to hell. Investing carries risks.
And we should not be feeling holier that thou because we too are defaulting by 5% per year with inflation.
report thisFranco
Jan 27, 2012 at 18:56
Greece should default and tell the bankers, including our own bonus-gorged pigs who are holding its debt, go to hell. Investing carries risks.
And we should not be feeling holier that thou because we too are defaulting by 5% per year with inflation.
report thisseahound
Jan 27, 2012 at 19:13
Franco the problem is that German banks are heavily exposed to Greek debt.
If Greece defaults & brings the German banking system down then its time to head for the hills.Things will get very unpleasant indeed.
report thisRaymond Hurley
Jan 27, 2012 at 21:23
Another example of the poor standard of journalism so typical of City Wire.
Does Caelainn Barr understand the meaning of the word 'foist'.
In the case of the 'Deep Water Horizon' disaster,BP has a duty both to it's shareholders, and the public at large, to establish truth in this matter.
The actions of BP and it's CEO at the time of ther disaster, are a marked contrast to that of the American owners of the Costa Concordia.
report thisJ Reid
Jan 28, 2012 at 10:36
Well said Raymond Hurley, a few more references to 'The American owned Company Costa Concordia' in the style of Obama and his British bashing during Deepwater might put the frits up some would be cruisers.
report thisAndrew Cleverley
Jan 28, 2012 at 12:45
.
Does Caelainn Barr understand the meaning of the word 'foist'.
FOIST
Impose an unwelcome or unnecessary person or thing on: "don't let anyone foist inferior goods on you".
And your point was....?
report thisRaymond Hurley
Jan 28, 2012 at 15:14
The word 'foist', implies that somehow, the actions of BP are unjustified.
BP has every right to try and recover costs from the two American sub contractors, that have so far attempted to evade their share of responsibility for the disaster.
BP met all of it's obligations.This stands in stark contrast to the behaviour of both Transocean and Haliburton.
report thisorchardsparks
Jan 28, 2012 at 15:52
seahound
You have the nub of the problem but, as Liam Halligan has repeated almost ad nauseam "Until the banks fess up to their indebtedness" these problems won't be resolved. This begs the question as to just how big such indebtedness is. At present everyone seems to be putting off the evil day.
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