Spanish woes weigh markets
EUROPEAN shares ended in negative territory yesterday, reversing earlier gains in thin trade as concerns surrounding Spain’s banks returned to the forefront of investors’ minds.
The FTSEurofirst 300 closed down 0.1 per cent at 984.01, having earlier reached a high of 993.21 – boosted by opinion polls suggesting Greece’s pro-bailout parties may be able to form a government committed to staying in the Eurozone.
But trade was light as a number of European markets were closed, accentuating the moves, with the FTSEurofirst 300 trading just two thirds of its 90-day daily average.
Spain’s IBEX was the biggest faller, down 2.2 per cent, weighed by banking heavyweights Santander and BBVA, with sentiment dampened by the growing cost of shoring up lenders.