LONDON -- The main news story this morning is the result of the Greek election, which has narrowly returned a pro-euro government. The winning New Democracy Party's commitment to reforms and austerity has boosted the Greek stock market, with the Athens General Index quickly gaining nearly 6% to 592 points.
The news also initially pleased the markets of Europe, but after an early rise, they all dropped right back. Despite opening over 5,550, the FTSE 100
The German DAX did a little better, enthusiastically rising at the start of the day, but it fell back to 6,280, for a 0.8% rise on its previous close. In Paris, the CAC 40 is just a third of a percent ahead of its last close, on 3,097 points.
With results due on Thursday, Dixons Retail put on a modest 1% in early trading, to 13.1p.
The table of FTSE 100 fallers was dominated, once again, by banks and financials, which weren't helped by the Greek election outcome. Lloyds Banking Group
Troubled fund manager Man Group announced the departure of finance director Kevin Hayes, to be replaced by Jonathan Sorrell, which might help to stabilize the share price slide. For today at least, the price was pretty much unchanged at 73p.
Biggest rise of the day
Quintain Estates, the London property developer that has seen its shares slide over the past 12 months, got a boost from news of a joint-venture agreement to develop the Greenwich Peninsula in Hong Kong. The deal, in partnership with Knight Dragon, added 19% to the share price, taking it up to 39p.
There was a little movement in oil companies, with Soco International telling us it will continue its share repurchase programme. That knocked 2% off the price, to 296p. And Salamander Energy enjoyed a 2% rise to 180p after releasing a spudding report.
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