Market overview: Contradictory reports on ELA assistance for Greece

1451: Reports regarding by how much the ECB´s ELA assistance to Greek banks has been increased continue to be quite contradictory. ELA to the country´s lenders has only been upped by €1.8bn, MNI reports.

1250: According to different reports the ECB has upped its ELA funding for Greece. However, whereas the FT reports that only €1.1bn have been made available to the country´s lenders Reuters says that €3bn have been made available, as per the request from the Greek central bank.

1249: The UK would probably suffer the short-term effects of financial market instability should Greece decide to exit the Eurozone, "but we doubt that a “Grexit” would bring the recovery to a halt," say analysts at Capital Economics.

1231: Three-month copper futures are dropping by 1.7% to $5,679.50 per metric tonne on the LME.

1230: Shares in discount retailer Poundland jumped after Morgan Stanley upgraded the stock to 'equalweight' from 'underweight' following recent share price weakness. The stock had suffered sharp falls on Thursday after the company warned that it faced several headwinds in the current financial year.

1119: According to media reports, a record €1bn was withdrawn from Greek banks in a single 24-hour period. The pace of the withdrawals have gained speed since last weekend, when talks between Athens and its creditors collapsed. IG market analyst Joshua Mahony said that such outflows will only ever grow, "and it's clear that the Greek banking system may follow the government which is equally at risk as the country unless capital controls are introduced."

1005: Data released by the ONS showed that public sector net borrowing in the UK fell to an eight-year low of £10.13bn in May, from £12.35bn in 2014.This was below economists' expectations for £11.1bn. "“The economic upturn, and the buoyant labour market in particular, is feeding through to big improvements in government borrowing figures,” said Markit’s chief economist Chris Williamson.

0908: In corporate news this morning, FTSE 250 group COLT has surged 20% after Fidelity said it has made a 190p per share offer for the remaining in the stake in the company it does not already own. The board, however, reckons that the offer undervalues the company. FTSE 100 groups Hikma and Ashtead are being lifted by broker upgrades from Citi and Exane BNP Paribas, respectively.

0830: UK stocks have opened higher despite a disappointing outcome to the Eurogroup meeting yesterday where no deal was made. However, given that expectations were low going into Thursday’s meeting, disappointment may have already been priced in, analysts said. The FTSE 100, which touched a five-month low earlier in the week, is up 0.2% as markets track a strong performance on Wall Street with the Nasdaq hitting a record high. With the economic data and corporate news calendar for Friday looking pretty thin, sentiment is likely to be driven by developments (if any) from Greece as concerns about a run on the country’s banks grow.