U.K. Stocks Are Little Changed as Royal Dutch Shell DropsInyoung Hwang
U.K. stocks were little changed, after rallying the most in almost three weeks yesterday, as Royal Dutch Shell Plc fell, offsetting gains by Prudential Plc.
Shell slipped 1 percent as the price of Brent crude oil fell to its lowest price in 13 months. Hargreaves Lansdown Plc declined 2.9 percent after UBS AG recommended selling shares in the U.K.’s largest retail stockbroker. Prudential gained 2.2 percent as the life insurer posted a jump in first-half operating profit.
The FTSE 100 Index dropped 0.4 points, or less than 0.1 percent, to 6,632.42 at the close in London after earlier rising as much as 0.2 percent and falling as much as 0.3 percent. The equity benchmark rallied 1 percent yesterday after a report that Russian war planes had finished military exercises near the border with Ukraine. The broader FTSE All-Share Index added less than 0.1 today, while Ireland’s ISEQ Index gained 0.2 percent.
Shell, Europe’s largest oil company, slipped 1 percent 2,376 pence. The price of a barrel of Brent crude dropped 1.4 percent as the International Energy Agency said that a glut of supply would protect the oil market from upheaval in Iraq.
Hargreaves Lansdown declined 2.9 percent to 1,050 pence. UBS began coverage of the Bristol-based company with a sell rating, predicting the shares will fall to 850 pence.
Prudential advanced 2.2 percent to 1,368.5 pence after saying that operating profit climbed to 1.52 billion pounds ($2.6 billion) in the first half from 1.42 billion pounds a year earlier. That exceeded the average estimate of 1.5 billion pounds, according to a survey of analysts by the company.