Cyprus Uncertainty Persists

TUESDAY MARKET UPDATE: Concerns over the fate of Cyprus have continued to weigh on major markets in Europe and the UK

Alanna Petroff 19 March, 2013 | 5:06PM
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The uncertainty surrounding the future of Cyprus and the eurozone has weighed on market sentiment, leading the FTSE 100 and FTSE 250 to each post modest losses for the day. The benchmark FTSE 100 index has dipped down by 17 points, or 0.3%, to close at 6,441. The mid-cap FTSE 250 index has also taken a 54-point drop, or 0.4%, to close at 14,036.

"Zeno, founder of the Stoic school of philosophy, was born in Cyprus, and investors would probably be wise to adopt a stoic attitude when dealing with this latest phase of the eurozone crisis," said Chris Beauchamp, a market analyst at IG. "Once again we are at the mercy of rumour and hearsay, with today’s prime example being reports that the Cypriot central bank had declared that the island might have to leave the euro if the bill was not passed. Such reports provide much heat but little light, and should be taken with a substantial pinch of salt. At the time of writing we still expect a vote on the bailout this afternoon, but even this could change. All this is in the best traditions of the eurozone crisis, as this seemingly-interminable problem stages an unwelcome return to form."

Sainsbury Shares Jump, ARM Dragged Lower

Despite the general market gloom, the latest quarterly sales results from J Sainsbury (SBRY) helped give the retailer's shares a boost. Investors bid up shares in the supermarket chain by nearly 2% over the course of the day.

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About Author

Alanna Petroff

Alanna Petroff  is a financial journalist with Morningstar UK.

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