10-Feb-2012 - FTSE LIVE: Greece weighs on market as lenders demand more assurances

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FTSE LIVE: Greece weighs on market as lenders demand more assurances; Barclays results By This Is Money Reporters Last updated at 12:25 PM on 10th February 2012 12.30: Barclays started the day in the red following its annual results but is now hovering near the top of the risers' board, up 5.38p at 238.48p.'The Barclays share price is up by 30 per cent just for this year and, despite the weaker-than-expected numbers today, investors seem to be of the view that the recovery is not over yet,' said Rupert Osborne of IG Index.The Footsie remains 21.1 points in deficit at 5,869.3, and Mr Osborne said this caution may well continue for the rest of the session.'Yet another deadline for Greece looms over the weekend, which may understandably see a reluctance in carrying nfl jerseys supply over too much risk at the end of the week,' he said.Brent crude is at 116.92 a barrel today while gold is trading at 1,724.50 an ounce. 10.30: The FTSE 100 is trading 14.2 points lower at 5,881.4 as ongoing uncertainty over Greece's €130million bailout dampens investor mood.The country's coalition government has agreed more austerity measures but still needs to rubberstamp the plans in parliament and write off most of its debts with private creditors. 'As is usually the case with financial markets, investors seem to have bought the rumour and sold the fact,' said Simon Denham of Capital Spreads.'The fact remains that even if a deal has now been struck firstly the Greek government has to pass it into law over the weekend in the face of desperate opposition from the electorate and secondly there’s no guarantee that Greece won’t default later.'Shares in Barclays recovered from a rocky start today despite missing expectations with a 3 per cent drop in pre-tax profits to £5.9billion.The bank is unlikely to meet its return on equity target of 13 per cent by 2013 - the ratio is currently at 6.6 per cent - although chief executive Bob Diamond announced a 9 per cent rise in the annual dividend to 6p a share and progress on reducing bad debts.Barclays opened 2 per cent lower but this was quickly reversed to send the stock 5 per cent or 11.48p higher at 244.58p. Read more on Barclays, including City reaction.Retailer Next joined Barclays on the risers board after Deutsche Bank upgraded the stock from hold to buy and said the company's continued control of costs should benefit it in the face of tough conditions.The same bank downgraded Cable & Wireless Communications following a third quarter trading update from the regional telecoms firm. Shares were 3.3p lower at 40.2p.9.00: The FTSE 100 has opened 32.7 points lower at 5,864.8 amid renewed concerns about Greece after international creditors demanded more steps from Athens before they release a rescue package.    Jean-Claude Juncker, who chairs the Eurogroup, said there would be 'no disbursement before implementation' of austerity measures, and the International Monetary Fund demanded assurances Greece would stick wholesale nba jerseys to the agreed policies whatever the outcome of looming elections.      Greece has applied for aid from the European Union, the IMF and the European Central Bank to avert a disorderly default which would rock the financial system. The Footsie gained 19.54 points to close at 5,895.47 yesterday after coming off highs in late trade.The index has been stuck in a narrow range of between 5,850.49 and 5,916.31 this nba jerseys from china week after hitting a six-month closing high of 5,901.07 last Friday.     'Although the FTSE has been grinding higher, its recent straddling of the August top at 5913.50 could be a sign that buyers are backing away from buying strength and that a significant correction may be necessary to attract fresh capital,' said James A. Hyerczyk, analyst at Autochartist.Oil-related stocks will be in focus today after Brent crude slipped from a six-month high overnight as data from China showed crumbling imports for January. This is set to stoke fears of a slowdown in demand from the world's second largest oil consumer.     On the economic front, the Office for National Statistics releases British factory gate inflation data for January later.Producer output price inflation is expected to have slowed to 3.7 per cent last month from 4.8 per cent in December and 5.4 per cent in November.   Stocks to watch today include:    Barclays: The bank reports full-year results.     Cable & Wireless: The telecoms provider issues a third-quarter trading update.   Shaftesbury: The property group issues an AGM trading update.    Flybe Group: The airline issues a third-quarter trading update.    Zenergy Power: The wires and coils maker for the energy sector reports full-year results.    Skywest Airlines: The airline unveils first-half results.  

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