London open: Shares dive as Greek crisis drags on

16th Jun 2011 08:33

Shares have taken a dive as the Greek debt crisis continues to set traders' nerves on edge and after US shares fell following some disappointing economic data from the world's biggest economy.Greek prime minister George Papandreou is to seek a vote of confidence in the Greek parliament today, as talks about a much needed rescue package from the EU continue to drag on.Here, electrical components distributor Premier Farnell slumps despite a seemingly bullish update. The Leeds-based company, which operates around the world, posted a pre-tax profit (adjusted to take account of a disposal) of £24.1m in the quarter to the end of April, up from £21.4m over the same period the previous year. Revenues climbed to £252.5m from £244.9m.Plant hire group Ashtead is down even after it reported full year pre-tax profit in line with expectations and said it is confident demand for rentals will provide further growth. Pre-tax profit rose to £31m for the year to the end of April compared to £5m in 2010, after a 10% increase in revenue from US rental operations. Analysts had predicted pre-tax profit of £30.7m. Budget airline easyJet is to start operating flights from Southend Airport in Essex next year, the airport's owner, logistics firm Stobart, has announced. Shares in Stobart are among the highest flyers in the FTSE 250.Design and engineering consultancy WS Atkins topped revenue and profit expectations in what it described as a transformational year for the company. Revenue in the year ended 31 March rose 12.7% to £1,564m from £1,388m the year before, marginally ahead of market consensus of £1.558m. Underlying profit before tax climbed 9.4% to £102.7m from £93.9m a year earlier. The market had been expecting a figure of around £96.14m. Power systems behemoth Rolls-Royce has won orders worth more than £100m from a range of ship yards in Asia to provide propulsion systems for offshore construction and drilling vessels.Turning to smaller companies, fancy bags group Mulberry is in demand after profits soared in the year to 31 March.Beleaguered care home operator Southern Cross has perked up after it said itmade a breakthrough in its fight for survival after cutting a deal with its lenders and landlords. The company and the landlords will work towards a consensual solution to the company's current financial problems which will be delivered over the next four months, a company statement said.FTSE 100 - RisersTUI Travel (TT.) 216.00p +0.42%British Sky Broadcasting Group (BSY) 836.00p +0.24%Capita Group (CPI) 740.50p +0.14%National Grid (NG.) 591.00p +0.08%RSA Insurance Group (RSA) 134.60p 0.00%Shire Plc (SHP) 1,846.00p -0.11%HSBC Holdings (HSBA) 607.80p -0.13%United Utilities Group (UU.) 597.50p -0.17%ICAP (IAP) 455.80p -0.18%Experian (EXPN) 783.50p -0.19%FTSE 100 - FallersGlencore International (GLEN) 456.85p -3.41%Eurasian Natural Resources Corp. (ENRC) 723.50p -2.76%Anglo American (AAL) 2,785.00p -2.74%Xstrata (XTA) 1,228.00p -2.50%Lonmin (LMI) 1,398.00p -2.31%GKN (GKN) 203.90p -2.21%Weir Group (WEIR) 2,000.00p -1.96%Intertek Group (ITRK) 1,931.00p -1.83%Cairn Energy (CNE) 404.00p -1.68%Rio Tinto (RIO) 4,044.50p -1.63%FTSE 250 - RisersExillon Energy (EXI) 424.70p +2.73%Sports Direct International (SPD) 225.50p +2.04%Stobart Group Ltd. (STOB) 140.00p +2.04%Daejan Holdings (DJAN) 2,780.00p +1.79%QinetiQ Group (QQ.) 121.00p +1.42%Telecom Plus (TEP) 621.50p +1.06%UK Commercial Property Trust (UKCM) 84.75p +0.89%Ultra Electronics Holdings (ULE) 1,639.00p +0.74%RPC Group (RPC) 338.00p +0.66%St. Modwen Properties (SMP) 184.50p +0.65%FTSE 250 - FallersPremier Farnell (PFL) 255.00p -7.14%Ashtead Group (AHT) 170.00p -4.49%Electrocomponents (ECM) 276.50p -3.59%CSR (CSR) 300.00p -3.51%Aquarius Platinum Ltd. (AQP) 303.20p -3.22%Bwin.party Digital Entertainment (BPTY) 137.30p -3.04%Unite Group (UTG) 215.00p -3.02%Talvivaara Mining Company (TALV) 409.60p -2.89%EnQuest (ENQ) 123.30p -2.68%Devro (DVO) 263.10p -2.56%