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FTSE 100 falls as Lloyds and Shell shares hit FTSE 100 falls as Lloyds and Shell shares hit
(about 5 hours later)
(Open): The London market dropped in early trade, as investors digested a raft of results from some of the UK's biggest companies. (Afternoon): The London market dropped in afternoon trade, as investors digested a raft of results from some of the UK's biggest companies.
The FTSE 100 was down 29.19 points at 6,721.24. The biggest faller on the index was Lloyds, which fell 4.2%. The FTSE 100 was down 7.34 points at 6743.09. The biggest gainer was Rolls-Royce Holdings, which was up 14.82%.
Lloyds announced plans to cut 3,000 jobs as the bank prepares for a longer period of low interest rates following the Brexit vote. Lloyds fell 3.4%, on plans to cut 3,000 jobs as the bank prepares for a longer period of low interest rates following the Brexit vote.
Royal Dutch Shell fell 3.5% after the oil giant reported lower profits.Royal Dutch Shell fell 3.5% after the oil giant reported lower profits.
Second quarter profits fell by more than 70% to $1.05bn as low oil prices continued to affect the sector.Second quarter profits fell by more than 70% to $1.05bn as low oil prices continued to affect the sector.
"Lower oil prices continue to be a significant challenge across the business, particularly in the upstream (business)," said chief executive Ben van Beurden."Lower oil prices continue to be a significant challenge across the business, particularly in the upstream (business)," said chief executive Ben van Beurden.
Rolls-Royce shares jumped more than 5% after its half-year results beat expectations. Rolls-Royce shares had jumped after its half-year results beat expectations.
The engineering group, which is in the midst of a turnaround programme, said underlying pre-tax profits fell 80% to £104m, but this was still ahead of expectations for a £16m loss. Rolls-Royce also said it expected profits to improve in the second half of the year.The engineering group, which is in the midst of a turnaround programme, said underlying pre-tax profits fell 80% to £104m, but this was still ahead of expectations for a £16m loss. Rolls-Royce also said it expected profits to improve in the second half of the year.
Sky shares rose 3.5% after it reported a 7% increase in full-year sales to £12bn, and a 12% jump in operating profit to £1.56bn Sky shares rose 3.38% after it reported a 7% increase in full-year sales to £12bn, and a 12% jump in operating profit to £1.56bn
On the currency markets, the pound fell 0.1% against the dollar to $1.3208 and dropped 0.5% against the euro to €1.1898. On the currency markets, the pound fell 0.5% against the dollar to $1.3158 and dropped 0.86% against the euro to €1.1857.