FTSE 100 watch: Footsie rises as investors shrug off Greek worries

FTSE 100 watch: Footsie rises as investors shrug off Greek worries

The UK benchmark index has gained ground in today’s session with investors shrugging off the continued impasse between Greece and its creditors, choosing instead to focus on corporate news. Shares in Standard Chartered (LON:STAN) have been in demand ahead of George Osborne’s Mansion House speech later today, with the Chancellor largely expected to announce changes to the UK bank levy.

As of 12:30 BST, the UK benchmark index had added 25.40 points to stand 0.38 percent higher at 6,779.20.
“I can see some more downside going into the end of the week, but if we do get a resolution on Greece, we’ll look to buy into the market,” Thames Capital Markets’ chief strategist Nav Banwait told Reuters today.
Standard Chartered has been the top Footsie riser, having surged 4.69 percent to 1,082.50p. Reuters quoted traders as attributing the rise in Standard Chartered’s share price to the possibility that George Osborne might announce changes to the UK bank levy at his Mansion House speech later today. The traders explained that a potential move to re-focus the levy back onto the UK balance sheets of global banks would benefit Standard Chartered, with most of its business conducted outside of Britain.
J Sainsbury (LON:SBRY) has been another prominent blue-chip riser with the company’s first-quarter results matching analyst estimates. Sainsbury’s share price currently stands 4.86 percent higher at 261.10p. The update has also fuelled demand for shares in blue-chip rivals Tesco (LON:TSCO) and Wm Morrison Supermarkets (LON:MRW). Morrisons’ share price has added 4.03 percent to 178.30p, while shares in Tesco are changing hands 3.91 percent higher at 210.00p.
At the other end of the spectrum has been The Weir Group (LON:WEIR) whose shares have been sold off since the company warned that its annual revenue and profit would be more weighted towards the second half of the year. Weir’s share price is currently 2.29 percent worse off at 1,878.00p.
**The FTSE 100 was 0.34 percent up at 6,776.67 points as of 12:46 BST on June 10, 2015.**

By Alice Young
Alice joined the Invezz team after motherhood convinced her to make a career change from actuary-ing. She brings a forensic eye for detail developed through crunching numbers on underwriting satellite insurance and the like.
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