LONDON -- The FTSE 100 (INDEX: ^FTSE ) has been flat this morning, and at 5,454, it's just 22 points up on yesterday's close, which is less than half a percent. That's largely because the Spanish banking bailout excitement quickly fizzled out, and the net result is no change at all.
The story is the same with Spain's IBEX 35 (INDEX: ^IBEX ) , which jumped yesterday morning and then fell back. It is up 53 points this morning to 6,570 for a 0.8% gain. Across Europe, it's been largely: "The banks and the euro are saved! Oh -- no, they're not."
In the FTSE 100, banks and financial are deflating again after yesterday's brief respite. Barclays (NYSE: BCS ) is down 1.5% to 187 pence, and Legal & General has lost 1.5 pence for a 1% fall to 115 pence.
Tobacco is on the up, with British American Tobacco (NYSE: BTI ) gaining 62 pence to 3,173 pence and Imperial Tobacco (LSE: IMT.L ) up 31 pence to 2,410 pence for gains of 2% and 1.3%, respectively.
Marks & Spencer is down 1.4% to 328 pence, while 3I Group has dropped 3.6 pence for a 2% fall to 179 pence.
In the news
Among other companies in the news, high-tech plastics specialist Carclo released full-year results that saw revenues increase by 5%, with underlying operational profit growing by an impressive 12%. At 380 pence, the shares are up 16 pence, or 4.5%.
Model railway maker Hornby regained a little of its recent slump, rising to 76 pence for an 8% gain. Less impressive final results from home-shopping operator Findel, which slipped to a loss per share, knocked 9% off the price, pushing it down to 3.4 pence. And plastic-packaging manufacturer RPC Group saw its shares slide 33 pence down to 364 after its results -- a fall of 8%. Premier Foods lost 6%, falling 5.5 pence to 81 pence after two of its executives said that they will stand down.
The resources sector
News of production forecasts from its latest well has disappointed investors in Nostra Terra O&G, and the shares have dropped 15% to 0.6 pence. The company's market cap has been slashed over the past year, and it's worth just 12 million pounds now.
The somewhat larger Range Resources slipped by 7% after an update on its interests in Colombia; the shares are down 0.6 pence to 8.4 pence.
Other movers include New World Oil & Gas, down 3% to 10.8 pence, while Xcite Energy barely budged on news of an agreement with BP. Condor Resources gained nearly 4% to 3.5 pence after a positive drilling report.
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