Lloyds Bank loss hits FTSE 100, AstraZeneca gains


© Reuters. FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London

(Reuters) – Gloomy quarterly results from Lloyds Bank and a clutch of other companies led the FTSE 100 lower on Thursday, while AstraZeneca rose after topping analysts’ expectations on the back of strong drug sales during coronavirus-driven lockdowns.

The blue-chip FTSE 100 () was down 0.4%, with Lloyds Banking Group (L:) sliding 5.9% after swinging to a rare pretax loss in the first half of 2020 due to higher-than-expected loan loss provisions.

The mid-cap FTSE 250 () slipped 0.3%, led by a 2.4% fall for car dealer Inchcape (L:) as it said it also posted a pretax loss in the first half of the year.

The autos index () was among the biggest decliners in early trading, extending losses for the year to nearly 50% as the COVID-19 pandemic hammers car sales in the UK. Data on Thursday showed British car output fell by more than an annual 40% in the first six months to the lowest level since 1954.

AstraZeneca (L:) rose 1.8% as it beat second-quarter sales and profit estimates and backed its 2020 forecasts, helped by strong sales of a diverse product range that now includes a potential coronavirus vaccine.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  Provident to shut doorstep lending arm in home credit market exit

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here