A spate of disappointing earnings updates and a decline in copper prices that put pressure on mining shares yesterday caused a slip in Britain’s top equity index.
The FTSE 100 was down 42.00 points, or 0.7 per cent, at 6,395.80 points at the close.
Barclays fell 6.3 per cent, accounting for 10.3 points of the index’s drop. The bank’s profit missed forecasts and it said it would spend £1bn to protect domestic retail customers from riskier parts of the business, raising costs.
Engineering firm Meggitt fell 5.4 per cent following a spate of broker target cuts after the company issued a profit warning on Wednesday.
Smith and Nephew lost 4.7 per cent after its third-quarter revenue also fell short of expectations. Europe’s biggest maker of artificial hips and knees stuck to its forecast for a higher trading profit margin this year. Royal Dutch Shell retreated 1.5 per cent after it reported a decline in third-quarter profits as oil prices fell and it took an $8.2bn (£5.36bn) charge.