US close: Stocks fall as Greek talks drag on

US stocks slipped on Monday as ongoing talks in Greece tested investor patience, with the country's Prime Minister, Lucas Papdemos, struggling to build a political consensus on austerity measures in order to secure the ne... Read More

Market overview: Glencore leads the retreat
Monday 06 Feb 2012

1630:Close Shares have closed lower, following last Friday´s sharp gains and on reports of difficult negotiations between Greece´s three main political parties and its public sector creditors (ECB, IMF and EU). Cairn rose after completing a share consolidation and after commencing trading without rights to a 160p per share cash distribution. Lloyds, another outperformer today, was joined by miner Randgold Resources (which announced its intention to double its dividend payments) and Vodafone.

Worth mention, some market commentary has attributed the rise in shares of Lloyds to news that UK house prices rose 0.6% on the month in January.

Leading on the downside in the top share index was Glencore, on the back of multiple reports suggesting that Xstrata´s board will require the payment of a premium before giving its blessing to any merger. Admiral and Barclays seem to have succumbed to profit taking, with Vedanta and Antofagasta tracking copper prices lower (although they too have had a fantastic run of late).

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