FTSE close: Lloyds up, J Sainsbury down
The FTSE 100 index dipped into negative territory today after poor earnings from US groups General Electric and Bank of America knocked investor confidence.
The Footsie closed down 32.7 points at 5,190.2 after hitting a new 13-month high earlier in the session, dragged lower by a 1% fall on Wall Street's Dow Jones Industrial Average in early trading.
Bank of America said it lost more than $2bn (£1.2bn) after preferred dividends in the third quarter, steeper than analysts had been expecting.
• CITY DIARY: The week ahead in detail
One of the largest recipients of US government bailout funds, the bank also set aside more than $11bn (£6.7m) to offset bad loans, $5bn (£3.1bn) more than a year-ago.
The report followed weak results from General Electric, which said its profit dropped 44% in the most recent quarter after weakness in its financial unit, GE Capital. The figures offset overnight cheer from US technology groups Google and IBM, which both delivered better-than-expected results.
Among London stocks in negative territory today, supermarket Sainsbury's was the biggest faller, down 4% as takeover speculation cooled.
The stock slipped 13.8p to 328.7p, having soared by as much as 20% yesterday amid talk of renewed Qatari takeover interest.
Miners lost gains seen amid the early session optimism, with Kazakhmys later off 37p at 1258p and silver miner Fresnillo not far behind with a 21.5p fall to 823p.
But energy firms held on to gains after oil prices continued their recent ascent to stand near to $78 a barrel. BP was 3.5p higher at 559.1p, while Royal Dutch Shell rose 21p to 1806p.
Lloyds Banking Group was another of the top flight risers after it agreed to offload its loss-making Halifax Estate Agencies division to the owner of Your Move for £1.
The latest move in the company's asset disposal programme caused shares to rally 1.69p to 93.1p.
Elephant and Diamond car insurer Admiral was moving in the opposite direction despite a third quarter statement revealing a 22% rise in revenues to £294m and assurances over the full-year result.
Shares in the insurance firm fell 30p to 1063p.
In the FTSE 250, National Express dived after a consortium led by the Cosmen family withdrew its £765m offer for the public transport operator. With the company now set to raise funds through a rights issue, shares fell 23% or 109p to 362p.
Fellow transport group Stagecoach dropped 5% or 7.4p to 156.9p as the South West Trains operator previously agreed an outline deal with the suitors to take on National Express's UK rail and bus business.
The biggest Footsie risers were Experian up 16.5p at 570p, G4S ahead 6.6p at 245.6p, Petrofac up 19p at 1013p and Lloyds Banking Group up 1.69p at 93.1p.
The biggest Footsie fallers were Sainsbury's down 13.8p at 328.7p, Burberry Group off 19.5p at 557p, TUI Travel down 7.9p at 248.1p and British Airways down 6.8p at 214.1p.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Dean Dunham: Entitled to comparable replacement concert tickets?
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Land Rover unveil newest all-electric Range Rover SUV
- Blue Whale fund manager on the best of the Magnificent 7
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Mini Cooper SE: The British icon gets an all-electric makeover
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Volvo's Polestar releases new innovative 4 digital rearview mirror
- Mercedes has finally unveiled its new electric G-Class
- BUSINESS LIVE: UK GDP grows 0.6%; IAG profits take off;...
- Should the Bank of England have cut interest rates...
- My favourite 20 new cars for under £20,000 - by the...
- BA owner IAG profits climb more than sevenfold
- SMALL CAP MOVERS: Light Science Technologies sales flourish
- How criminals could use AI to scam Britons - and what can...
- Rightmove expects weaker ad revenue growth as more...
- Vodafone told to boost security as £15bn Three merger is...
- Bank of England paves way for Britain to cut interest...
- ITV hopes for summer ad boom as it continues to reel from...
- Takeover target Wood Group hit by slump in revenues as...
- Cameron left red-faced as Greensill sues Government over...
- BBVA goes directly to shareholders as it steps up bid for...
- Bailey pulls his punches on interest rates yet...
- MARKET REPORT: North Sea giant Harbour closes in on £9bn...
- Some estate agents only put forward offers from buyers...
- Families with TWO retired generations will surge to one...
- My uncle has £14,000 in Dart Charge fines despite trying...