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FTSE 100 lower as Lloyds shares fall | |
(about 3 hours later) | |
(Noon): The FTSE 100 dropped 1%, with Lloyds shares down more than 2% after it reported a fall in first-quarter profits. | |
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 62.63 points, or 1%, at 6,257.28. | |
Most European markets were lower as investors reacted to the surprise decision from the Bank of Japan not to ease monetary policy further. | |
The lack of action sent shares in Japan lower, and also pushed up the value of the yen. | |
"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. |