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FTSE 100 heads lower as Lloyds shares fall FTSE 100 lower as Lloyds shares fall
(about 3 hours later)
(Open): The FTSE 100 dropped 1%, with Lloyds shares falling nearly 4% after it reported first quarter results. (Noon): The FTSE 100 dropped 1%, with Lloyds shares down more than 2% after it reported a fall in first-quarter profits.
Underlying profits at Lloyds slipped 6% to £2.05bn, but the bank hailed a "robust" performance for the quarter. Pre-tax profits at Lloyds nearly halved to £654m after it took a £790m charge after buying back high income bonds.
The FTSE 100 was down 60.49 points, or 1%, at 6,259.42 in early trade, as European markets tracked losses in Asia overnight. The FTSE 100 was down 62.63 points, or 1%, at 6,257.28.
Stocks in Asia had fallen after the Bank of Japan surprised investors by not easing monetary policy further. Most European markets were lower as investors reacted to the surprise decision from the Bank of Japan not to ease monetary policy further.
The fall in the FTSE came despite a strong performance from mining stocks. Anglo American shares rose 3.6% after the company said it had agreed the sale of its niobium and phosphates businesses to China Molybdenum for $1.5bn. The lack of action sent shares in Japan lower, and also pushed up the value of the yen.
On the currency markets, the pound rose 0.4%, or half a cent, against the dollar to $1.4598, and was 0.2% higher against the euro at €1.2866. "The lack of action [from the Bank of Japan], perversely, proves that central bank stimulus still has the power to shock, both when it is tried and when it isn't," said Chris Beauchamp, senior market analyst at IG.
The fall in the FTSE came despite a strong performance from mining stocks. Anglo American shares rose 2.6% after the company said it had agreed the sale of its niobium and phosphates businesses to China Molybdenum for $1.5bn.
On the currency markets, the pound edged up 0.1% against the dollar to $1.4552, but slipped 0.1% against the euro to €1.2831.