Banks, Miners Lead Decline in British Stocks; Shell Falls on Oil
Losses in banks and miners dragged down British equities, sending them toward an almost three-week low.
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc fell more than 1.9 percent, while BHP Billiton Ltd. declined 1.8 percent. Royal Dutch Shell Plc slid 1.6 percent as oil entered a bear market. Travis Perkins Plc lost 2.3 percent after posting first-half results slightly behind its expectations and saying it remains cautious.
The FTSE 100 Index retreated 0.4 percent at 8:32 a.m. in London, down for a second day. After erasing its post-Brexit vote losses, the gauge reached its highest level since August last week. The FTSE 250 Index of mid-cap companies, also down 0.4 percent on Tuesday, almost erased its decline since June 23, though it never closed above the level on that day.
Among stocks that rose, Direct Line Insurance Group Plc rose 5.9 percent after the insurer increased its dividend and announced a special payout. Precious metals miners climbed, with Fresnillo Plc up 1.5 percent after raising its gold output forecast following a surge in profit.
Ireland’s ISEQ Index and the regional Stoxx Europe 600 Index declined 0.6 percent.