FTSE 100 drops as RBS falls; but monthly gain in sight

U.K. stocks fell Thursday, with investors assessing a raft of financial results from Royal Dutch Shell PLC and others, as global-growth worries linger in the background.

The FTSE 100 UKX, +0.22% was down 0.5% to 6,914.60, with only the energy group moving higher. A loss Thursday would be the index’s third in a row.

The blue-chip index on Wednesday stumbled 1.2%, the largest percentage decline since March 31. Stocks globally were shaken lower after data showed U.S. gross domestic product grew much more slowly than anticipated in the first quarter.

But the benchmark FTSE 100 was still on track for a monthly gain of 2.3%.

On Thursday, Shell RDSB, +1.52% RDS.B, +0.16% shares were up 0.9% after the British oil major said first-quarter profit rose, although revenue fell sharply. Profit on a current cost-of-supplies basis, similar to net income that U.S. oil companies report, rose to $4.76 billion from $4.16 billion a year earlier. Revenue fell to $65.71 billion from $109.66 billion a year ago.

But Royal Bank of Scotland RBS, -1.77% RBS, -1.93% shares dropped 2.1% after the company swung to first-quarter net loss of 446 million pounds ($688.6 million). The bank, which is 80% owned by the U.K. government, was hurt by restructuring and litigation charges.

Source: Market Watch

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