U.K. Stocks Pare Monthly Advance as RBS, IAG Fall After Earningsby
U.K. stocks trimmed their biggest monthly rally since 2013, weighed down by declines amid earnings reports.
British Airways parent IAG SA dropped 2.5 percent after giving an annual earnings forecast that fell short of analysts’ projections. Royal Bank of Scotland Group Plc lost 1 percent after saying profit fell by more than half in the third-quarter, missing analyst estimates. Vectura Group Plc jumped 6.7 percent after getting a milestone payment from Novartis AG.
The FTSE 100 Index slipped 0.5 percent to 6,361.09 at the close of trading in London, with the volume of shares changing hands 13 percent below the 30-day average. It’s advanced 4.9 percent in October, compared with an 8 percent increase for the Stoxx Europe 600 Index.
The broader FTSE All-Share Index fell 0.4 percent, while Ireland’s ISEQ Index was little changed. A gauge tracking U.K. stock volatility posted its biggest monthly drop since 2003, down 38 percent.