LONDON -- The big news affecting the markets today is Spain's formal request for a eurozone bailout. It's already been agreed that its euro partners will lend the country up to 100 billion euros to try to get its banks out of the hole they're in, but markets still fell.
The FTSE 100 (INDEX: ^FTSE) lost 40 points in early trading for a fall of 0.75% to 5,474. However, the German DAX fell further, down 1.5% to 6,171 points, and in France the CAC 40 lost a similar 1.5% to 3,045. Germany and France are the two economies that will bear the lion's share of Spain's burden.
But perhaps surprisingly, Spain's IBEX 35 lost 2.9% to 6,681, even though it is to be the recipient of the cash. Perhaps a lot of investors hadn't noticed the perilous state of its banks until today. But markets are only the sum total of individual shares, so how are FTSE companies looking today? It was mainly red.
A mostly down morning
It wasn't a good day for Shire Pharmaceuticals (ISE: SHP.L) . The FTSE 100 pharma business slid by 237 pence, or 12%, to 1,729 pence after U.S. regulators approved the production of a generic version of its ADHD drug, Adderall.
Immunodiagnostic Systems saw a share-price fall of 21 pence, or 7.5%, to 259 pence on the day of its annual results. Profits fell, even though revenue was slightly up. Pre-exceptional earnings per share dropped from 46.1 pence to 34.6 pence.
But in other biotech news, Angel Biotechnology gained 5.3% to 0.2 pence on successfully passing an MHRA inspection for one of the few early gains. Wm. Morrison Supermarkets (ISE: MRW.L) fell 2.4% to 262 pence on the news that finance director Richard Pennycook is to step down.
And the banks fell a little, presumably on the euro news. Standard Chartered (ISE: STAN.L) slid 2% to 1,357 pence, Barclays dropped 2% to 197 pence, Lloyds Banking Group fell by 1.9% to 30.7 pence, and Royal Bank of Scotland lost 1.5% to reach 240 pence.
Fuel-cell company AFC Energy jumped 10% to 22.6 pence on the news that it is to develop the U.K.'s largest fuel-cell energy facility in partnership with Industrial Chemicals.
There were a few oil and gas fallers in early trading. In particular, Ithaca Energy dropped 8.7% to 100 pence after an operating update told us that only three of the four wells in its Athena field are flowing. Meanwhile, Gulfsands Petroleum (ISE: GPX.L) dropped 2% to 83 pence on the news that no oil has been found at its Sidi Dhaher well.
Elsewhere, Valiant Petroleum fell a further 2.9% to 367 pence after its Tryfan Well turned out dry. The shares have now lost around 35% since April. And Premier Oil lost 3.5% on the news that its Coaster exploration well is dry.
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