London open: FTSE 100 nears three-month low as Greek talks collapse

15th Jun 2015 08:44

A collapse in Greek debt talks hit UK stocks on Monday morning, putting the FTSE 100 on track for its lowest finish in three months.The FTSE 100 was trading 0.69% lower at 6,738.21 early on; it has not closed below this level since 11 March when it settled at 6,721.51.Markets across Europe were firmly in the red with the Athens Stock Exchange down over 6% after negotiations between Greece and its creditors ended abruptly on Sunday night on the back of disagreements over issues such as pension reforms and tax rates."The negative start to the new week comes after yet another breakdown in weekend talks between Greece and creditors, this time after just 45 mins (record?)," according to analysts at Accendo Markets.A spokesman from the European Commission said there was still as "significant gap" between the two sides.All eyes will be on the Eurogroup meeting on Thursday which could, in the absence of a deal, result in the ECB cutting all emergency funding to Greece's banks, according to reports. Time is now running out for Athens as it faces a €1.6bn debt repayment to the IMF at the end of the month.In the meantime, markets will also be awaiting the outcome of Wednesday's policy meeting at the Federal Reserve, which is expected to offer some indications that a rate hike could be on the cards in September.Travel stocks lead the declineEasyjet and IAG were among the worst performers in early trading in London, along with travel peers Carnival and Thomas Cook.Thomas Cook declined after announcing a new joint venture with shareholder Fosun International with the aim of developing domestic, inbound and outbound tourism activities for the Chinese market.Mining stocks were performing relatively well in spite of the wider market declines, with Fresnillo and Randgold on the rise.Defensive stocks such as real estate peers Land Securities and British Land were also edging higher.NMC Health gained after acquiring long-term medical care provider ProVita for $160.6m.Market MoverstechMARK 3,169.95 -0.59%FTSE 100 6,738.21 -0.69%FTSE 250 17,820.24 -0.72%FTSE 100 - RisersFresnillo (FRES) 744.00p +0.95%Randgold Resources Ltd. (RRS) 4,623.00p +0.35%Land Securities Group (LAND) 1,273.00p +0.24%Meggitt (MGGT) 488.70p +0.20%Tesco (TSCO) 214.05p +0.16%SSE (SSE) 1,595.00p +0.13%British Land Company (BLND) 838.50p +0.12%FTSE 100 - FallerseasyJet (EZJ) 1,543.00p -2.71%International Consolidated Airlines Group SA (CDI) (IAG) 507.50p -2.03%Standard Chartered (STAN) 1,047.50p -1.55%Weir Group (WEIR) 1,820.00p -1.52%CRH (CRH) 1,817.00p -1.52%London Stock Exchange Group (LSE) 2,341.00p -1.47%Mondi (MNDI) 1,381.00p -1.36%Sports Direct International (SPD) 672.00p -1.32%Smiths Group (SMIN) 1,146.00p -1.29%Marks & Spencer Group (MKS) 550.50p -1.26%FTSE 250 - RisersSoco International (SIA) 185.00p +3.93%Vedanta Resources (VED) 608.50p +2.35%Bwin.party Digital Entertainment (BPTY) 99.55p +2.00%Synergy Health (SYR) 1,764.00p +1.32%NMC Health (NMC) 789.50p +1.15%Aveva Group (AVV) 1,936.00p +0.94%Centamin (DI) (CEY) 66.80p +0.91%IP Group (IPO) 212.00p +0.86%Ophir Energy (OPHR) 122.30p +0.66%Telecom Plus (TEP) 833.50p +0.66%FTSE 250 - FallersNostrum Oil & Gas (NOG) 552.00p -3.58%Victrex plc (VCT) 1,945.00p -2.46%Indivior (INDV) 230.10p -2.46%Just Retirement Group (JRG) 174.20p -2.30%Alent (ALNT) 359.70p -2.12%Premier Farnell (PFL) 190.90p -2.05%Tullett Prebon (TLPR) 395.60p -2.01%ICAP (IAP) 539.00p -1.91%Bank of Georgia Holdings (BGEO) 1,859.00p -1.80%Evraz (EVR) 149.00p -1.78%