FTSE closes in red despite Shell rising

The FTSE 100 ended in the red following a busy day of corporate reporting that saw big hitters Lloyds and Royal Dutch Shell end at opposite ends of the spectrum.

London’s top flight closed down 33.95 points, or 0.46 per cent, at 7,351.31, following global peers lower.

David Madden, analyst at CMC Markets, said: “Stock markets are largely lower heading into the close as volatility is low. in london, theft se 100 is being weighed down by consumer and mining stocks. It has been a lacklustre week for European markets, partially because of the May Day holiday, but also a lack of any major macroeconomic news.”

In stocks, Royal Dutch Shell was riding high, despite the energy titan seeing profits drop on the back of tumbling oil prices and weaker margins. Its B shares closed up 46p at 2,475p. Its A shares were also up 40p to 2,453.5p.

Shares in banking giant Lloyds came under pressure – closing down 0.8p at 62.8p – after it revealed charges held back growth in firstquarter bottom-line profits, as it warned ongoing Brexit uncertainty could take a further toll on the UK economy.

On the FTSE 250, Metro Bank tookahammering following the publication on Wednesday of a poorly received set of first-quarter figures. Shares closed down 124p at 650p.

In currency, sterling was down 0.2 per cent versus the us dollar at $1.302 and flat against the euro at €1.164. It came as Bank of England boss Mark Carney has said interest rate hikes are still on the cards after Britain’s growth outlook was upped this year despite Brexit uncertainties.