Greek Lawmakers Resist Latest Proposal, UK Sells 1% Stake in Llyods

Nigel Thomas
23 Jun, 2015
New York City

Greek lawmakers resisted the latest proposal by prime minster to international lenders. The U.K. government lowered its stake in Lloyds Banking by 1%. Chemring net loss narrowed and revenues declined 23%. Ladbrokes surged after merger talks with privately owned Gala Coral.

[R]4:00 PM Frankfurt – Greek lawmakers resisted the latest proposal by prime minster to international lenders. The U.K. government lowered its stake in Lloyds Banking by 1%.Chemring net loss narrowed and revenues declined 23%. Ladbrokes surged after merger talks with privately owned Gala Coral.[/R]

European markets extended advance for the second day on the hopes that Greece and international lenders may strike a deal and avert a debt default.

However, local lawmakers in Greece showed resistance to a list of concessions offered by Prime Minister Alexis Tsipras.

The latest proposal is based on additional government spending cuts and higher contributions to pension and healthcare plans which are unpopular with the lawmakers.

In London trading, FTSE 100 index gained 0.4% or 22.87 to 6,848.61 and in Frankfurt the DAX index jumped 1.4% or 155.19 to 11,615.48.

In Paris, CAC 40 index increased 1.4% or 72.06 to 5,070.28.

Chemring Group Plc climbed 3.3% to 212.25 pence after the U.K.-based defense and security products maker said revenues in the first-half ending in April declined 22.5% to £161.7 million from £208.8 million in a year ago period.

Net loss in the period narrowed from a year ago to £7.8 million compared to £72.5 million and diluted loss per share dropped to 4 pence from 37.5 pence.

Lloyds Banking Group Plc fell 0.2% to 86.90 pence after the U.K. government sold 1% stake in the financial services provider and lowered it to 16.87%.

Ladbrokes Plc surged 19.6% to 146 pence after the U.K.-based betting and gambling company confirmed that it was in merger talks with the privately owned Gala Coral Group’s online businesses.

Telecom plus Plc jumped 4% to 853.96 pence after the U.K.-based households services provider reported revenues in the year ending in March soared 10.5% to £729.2 million from £659.7 million in a year ago period.

Net profit in the year climbed 17.4% from a year ago to £32.3 million compared to £27.5 million and diluted earnings per share increased to 40.2 pence from 37.1 pence.

Thomas Cook Group Plc slipped 0.9% to 145.20 pence after the tour operator completed the redemption in full of its €400 million 6.75% guaranteed bond due 2015.