EquitiesJul 11 2014

European markets steady in spite of Portuguese woes

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European stockmarkets started the day fairly steady with most indices showing small upward movements in spite of concerns about one of Portugal’s biggest banks Banco Espírito Santo.

Yesterday Portugal’s stockmarket regulator suspended trading in the Bank’s shares as concerns grew about a potential capital shortfall at the bank. Meanwhile the FCA this morning issued a temporary short selling restriction on the stock for the rest of the day.

In spite of this the FTSE 100 was up 0.33 per cent as of 8.24am while the FTSE EuroFirst 300 gained 0.36 per cent and Germany’s Dax index climbed 0.46 per cent.

Meanwhile Portugal’s PSI 20 Index also saw a rebound in early trading, climbing 1.47 per cent at 8.24am.