A cautious market with Cyprus securing the bailout
Trading Floor News March 26, 2013 3:40 PM
<p>- Markets opened more or less flat today with sentiment fragile following the Cypriot bailout. Cyprus banks have been closed since March 16th and will […]</p>
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- Markets opened more or less flat today with sentiment fragile following the Cypriot bailout. Cyprus banks have been closed since March 16th and will remain closed until March 28th after the country finally agreed to a bailout with the rest of Europe, giving officials two more days to work out measures to avoid run on deposits.
- The FTSE was slightly up on the open as trading is currently very controlled ahead of the circumstances in Cyprus, an hour in to trading the index rose with banks under further pressure.
- RBS, Lloyds and Barclays were down more than 1% and in the mining sector there was also falls, Eurasian Natural Resources down by 13.2p many large miners this year have announced a significant drop in net profit due to falling commodity prices and large impairment charges.
- On the upside B&Q owner kingfisher was up 7.2p topped the FTSE after posting a fall in full year profits meeting set forecasts.
- A cautious market with Cyprus securing the bailout, ending a week of financial panic but uncertainty does remain; an alternative to focus on would be US data figures being released throughout today.
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