FTSE slips on Greek deal; Reckitt Benckiser tops index

Britain’s FTSE slid as Greek politicians met to discuss major financial reforms to secure the next part of the country’s European Union (EU) bailout.

The benchmark UK index of blue-chip shares dropped 0.24%, or 14 points, to 5,876 and the Mid-250 index gave up 0.28%, or 32 points, to 11,162.

Consumer goods group Reckitt Benckiser (RB.L) hopped up 97p, or 2.9%, to £34.79 to the top of the FTSE 100 leader board as its 2011 results beat expectations.

The maker of Neurofen and Cillit Bang, revealed that net revenue rose from £8.45 billion in 2010 to £9.49 billion last year as it pushed into emerging markets to seek better growth prospects. See the FTSE’s performance and the index’s top winners and losers. 

Deadlines become a moveable feast for Greece

Greek leaders met in Athens to discuss the financial reforms needed to receive the next €130 billion tranche of the EU bailout on Wednesday afternoon.  

Politicians will try to forge a deal on restructuring the country’s finances, but investors have been repeatedly disappointed with numerous ‘deadlines’ scrapped over the past few weeks.  

Michael Hewson, senior analyst  at CMC Markets, said: ‘European equity markets have traded in a holding pattern with all eyes fixed on Athens with a slightly negative bias into the close as the uncertainty surrounding a possible Greek deal keeps investors on the side-lines.

‘With meetings between Greek political leaders, currently taking place as we head into the close, the potential for a surprise remains high.’

Markets in Europe gave mixed results, but investors were cautious ahead of any decisions from the Greek talks: Germany’s DAX index gave up 0.14% to 6,744, France's CAC 40 index took on 0.03% to 3,412, and the FTSEurofirst 300 index of top European shares weakened 0.17% to 1,071.

Stateside markets also held off in anticipation of European developments: The Dow Jones Industrial Average dumped 0.37% to 12,831, the Standard & Poor's 500 index slipped 0.25% to 1,344, and the Nasdaq Composite index slid 0.29% to 2,895.

Sterling slipped back 0.55% against the dollar to $1.581, and shed 0.43% against the euro to €1.194.

Supergroup slump on profit warning

Supergroup (SGP.L) slumped 120.5p, or 17.2%, to 579.5p on the retailer’s profits warning as its sales slowed over Christmas.