U.K. Stocks Decline as HSBC Slips After Results, Aberdeen Falls

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A decline in HSBC Holdings Plc helped push U.K. stocks lower, with the FTSE 100 Index reversing earlier gains.

The lender fell 3.2 percent as first-quarter revenue missed analysts’ estimates and costs increased at a faster pace. Aberdeen Asset Management Plc slid 2.7 percent after saying clients withdrew more money from its funds. British American Tobacco Plc and Imperial Tobacco Group Plc lost more than 2.5 percent. Barratt Developments Plc, Persimmon Plc and Taylor Wimpey Plc declined after data showed U.K. construction activity grew at the slowest pace in almost two years last month.

The FTSE 100 dropped 0.8 percent to 6,927.58 at the close of trading in London, after gaining as much as 1 percent earlier. The number of shares changing hands was 41 percent greater than the average of the past 30 days as the market reopened after a holiday. The gauge lost 1.2 percent last week.

The FTSE All-Share Index dropped 0.7 percent on Tuesday, while Ireland’s ISEQ Index added 0.6 percent.

While the FTSE 100 has risen 5.5 percent this year, stock volatility climbed to its highest level since January last week, before Thursday’s general election.

Royal Dutch Shell Plc added 1.5 percent as European energy producers climbed. Fresnillo Plc gained 2.6 percent with gold up for a second day.

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