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FTSE down as Greek deal delayed

Monday 6th February 2012, 6:51pm
MARKETS
JAMES WATERSON

The FTSE 100 dipped 0.2 per cent on Monday after doubtssurfaced about Glencore's potential merger with Xstrata and banks waned in the absence of a debt deal for Greece.

The FTSE 100 index ended down 8.87 points at 5,892.20, remaining near six-month highs after strong U.S. jobs data boosted appetite for cyclical stocks. It had risen 4 percent over the previous four trading days.

Glencore, which had risen 17 per cent over the previous three trading days, fell 4.5 per cent as brokers said the commodities trader might have to pay a premium of up to 20 per cent to satisfy shareholders in its proposed $80+ billion merger with Xstrata.

Banks, which have risen 18 per cent this year, ebbed with doubts resurfacing over Greece's ability to strike a deal to avoid a chaotic default, which could cripple the financial system.

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