Business

FTSE opens lower on Greek no vote

A supporter of the No vote waves a Greek flag in front of the parliament after the results of the referendum at Syntagma square in Athens
A supporter of the No vote waves a Greek flag in front of the parliament after the results of the referendum at Syntagma square in Athens A supporter of the No vote waves a Greek flag in front of the parliament after the results of the referendum at Syntagma square in Athens

THE London market opened lower today after Greece rejected a bailout deal with its creditors in a Sunday referendum that edged it closer to leaving the euro.

The FTSE 100 Index was 45.2 points lower at 6540.1, after Greece voted 61 per cent "No" against 39 per cent "Yes".

Markets around the world also fell, with Hong Kong's Hang Seng plunging 3 per cent and Germany's Dax falling more than 1 per cent.

Traders said the falls were not as bad as might have been expected.

Trustnet Direct analyst Tony Cross said: "Yesterday's referendum saw the electorate squarely refute the idea of buying into creditor demand and by all accounts this is paving the way for Greece to exit the eurozone, but so far the reaction has been rather less dramatic than many had been expecting."

Among stocks, Rolls-Royce was one of the biggest losers on the top-flight leaderboard falling 9 per cent, or 76.5p to 780p, after a profits warning and news that a promised share buyback programme would be suspended.

Budget airline easyJet lifted 1p at 1581p on the back of data that showed that it carried 7.6 per cent more passengers in June, compared to a year ago.