London shares slip 0.26% in post-Olympic gloom

London shares slid lower on Monday as reality began to bite amid quiet trade following the end of the Olympics.

London's benchmark FTSE 100 index of top companies gave up 0.26 percent to 5,831.88 points.

Elsewhere, in in Paris the CAC 40 slid 0.27 percent to 3,426.41 points and in Frankfurt the DAX 30 dropped 0.50 percent to 6,909.68 points.

"Markets appear to be suffering a post-Olympic hangover as the feel-good factor ... gives way to the economic realities of the global economy," said CMC Markets analyst Michael Hewson.

"The lull is expected to be short lived, in a week fairly full of some important economic data from both sides of the Atlantic."

The EU, France and Germany release second quarter growth figures on Tuesday.

Official data showing that Japanese economic growth slowed to just 0.3 percent in the second quarter set a gloomy tone to European trading on Monday, but some markets later showed modest gains after a successful 8.0-billion-euro Italian government bond auction.

But the bounce from the successful Italian bond auction faded as Wall Street opened in the red.

The biggest gainer was Schroders, with shares in the wealth manager up 0.85 percent, or 12 pence, to 1,419.

Lender Lloyds Banking Group was next with a rise of 0.83 percent, or 0.26 pence, to 31.645 and was also the most traded, with 66.7 million units changing hands.

The biggest loser was power industry contractor Petrofac, which shed 7.17 percent, or 81 pence, to 1,486 after warning of delays to new contracts.

Irish building materials group CRH Pls dropped 2.4 percent, or 30 pence, to 1,219.

On currency markets, sterling bought $1.5692 at 1630 GMT, slightly up from $1.5690 a day earlier. The pound fetched 1.2714 euros at the same time, up from 1.2767 at the same time the day before.

Source: http://news.yahoo.com/london-shares-slip-0-26-post-olympic-gloom-165414992.html

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