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FTSE 100 dips as RBS shares fall RBS leads FTSE 100 lower as losses mount
(about 3 hours later)
London's stock market opened slightly lower as investors digested another raft of company results. Royal Bank of Scotland led the London market lower after it reported its ninth straight year of losses.
Shortly after trading began, the benchmark FTSE 100 index was down 5.87 points at 7,265.50. Shares in RBS fell 4% after the bank reported a £7bn loss for 2016, far worse than the £2bn deficit posted in the previous year.
Shares in Royal Bank of Scotland fell 2.2% after the bank reported yet another hefty annual loss. Shortly after midday, the FTSE 100 index was down 5.87 points at 7,265.50.
The £7bn loss for 2016 was far worse the £2bn deficit posted in the previous year. It was the ninth year in a row RBS has failed to make a profit. Pearson shares staged a recovery as investors reacted to its full-year loss of £2.6bn. After falling in early trade they rebounded to stand 7.6% higher.
Pearson shares were down 1.7% after the education services group reported a full-year loss of £2.6bn. The company has been hit by a downturn in sales of text books in the US. The education services company has been hit by a downturn in sales of text books in the US, but Pearson said it had not seen any further deterioration in trading.
There was better news for airline group IAG - which owns British Airways and Iberia. Shares in the company rose 2.5% after it reported pre-tax profits of 2.4bn euros, despite being hit by the weaker pound. Airline group IAG - which owns British Airways and Iberia - saw its shares rise 1.9% after it reported pre-tax profits of 2.4bn euros, despite being hit by the weaker pound.
In the FTSE 250, shares in property website Rightmove fell 4%, despite it reporting an 18% rise in operating profit to £161.6m. In the FTSE 250, shares in property website Rightmove fell 5.1%, despite it reporting an 18% rise in operating profit to £161.6m.
Rightmove also announced that Peter Brooks-Johnson, currently the company's chief operating officer, would take over as chief executive when Nick McKittrick retires in May.Rightmove also announced that Peter Brooks-Johnson, currently the company's chief operating officer, would take over as chief executive when Nick McKittrick retires in May.
Shares in William Hill were up 2% after the bookmaker reported a slight increase in annual pre-tax profits to £225.6m. Shares in William Hill were up 1.5% after the bookmaker reported a slight increase in annual pre-tax profits to £225.6m.
However, operating profits fell 10% to £261.5m amid tough competition and following a number of unfavourable sports results.However, operating profits fell 10% to £261.5m amid tough competition and following a number of unfavourable sports results.
The company - which has been without a permanent chief executive since last July - said it expected to name a new head "in a few weeks' time".The company - which has been without a permanent chief executive since last July - said it expected to name a new head "in a few weeks' time".
On the currency markets, the pound slipped 0.1% against the US dollar to $1.2542 and also fell 0.1% against the euro to 1.1852 euros. On the currency markets, the pound was unchanged against the US dollar at $1.2553 but fell 0.3% against the euro to 1.1834 euros.