Europe worries weigh on markets

Wed, Jun 13, 2012, 01:00

European stock markets diverged in choppy trading today as persistent worries over the euro zone debt crisis caused many investors to stay on the sidelines.

Dublin's Iseq index of Irish shares was lower this morning, falling 20 points to stand at 3,009.

Oil exploration company Providence Resources fell 4.09 per cent to €6.10, while Glanbia declined 1.87 per cent to €5.25. Meanwhile, Independent News & Media fell 6 per cent to stand at 23 cent.

First Derivative climbed 7.02 per cent to €6.10, Dragon Oil increased 1.21 per cent to €6.70 and Kenmare Resources increased 1.15 per cent to 52 cent.

UK stocks pared earlier gains, with the FTSE 100 Index little changed as borrowing costs increased at debt auctions by Germany and Italy.

J Sainsbury Plc slid 3.6 per cent after reporting revenue at stores open at least a year that rose less than analysts' estimates.

Man Group Plc slipped 2.5 per cent after Barclays Plc lowered its price forecast.

The FTSE 100 Index added 0.1 per cent to 5,480.29 at 11.27 am in London.

The gauge has lost 8.2 per cent from its 2012 high on March 16 as concern mounted that Greece will be forced to leave the euro area.

The broader FTSE All-Share Index rose 0.1 per cent today.

German stocks retreated for the first day in three as borrowing costs rose at the country's debt auction. Daimler AG fell 2.1 per cent. Siemens AG lost 1.5 per cent after being removed from a UBS AG list of recommended stocks

In Frankfurt, the DAX dropped 32 points to trade at 6,129.

Additional reporting: Bloomberg