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Tullow woes drive down FTSE 100



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FTSE 100 Index

Last Updated at 23 Feb 2018, 16:36 GMT *Chart shows local time FTSE 100 intraday chart
value change %
7244.41 -
-7.98
-
-0.11

Top winner and loser

BT Group

244.05 p +
+11.70
+
+5.04

International Consolidated Airlines Group SA (CDI)

587.20 p -
-35.40
-
-5.69
value change %

FTSE 250 Index

19801.05 +
+64.99
+
+0.33

FTSE 350 Index

4039.88 -
-1.40
-
-0.03

FTSE All Share Index

3991.50 -
-0.90
-
-0.02

FTSE Techmark Index

4409.24 -
-44.73
-
-1.00

(Close): Shares in Tullow Oil dropped sharply on Wednesday as oil prices saw renewed falls, dragging down London's leading share index.

By the end of the day, Tullow Oil was 7.2% lower, after the firm reported a pre-tax loss of $2bn (£1.3bn), its first in 15 years.

Meanwhile, Brent crude oil shed 3%, while US West Texas crude was down 2.4%.

Overall, the FTSE 100 index closed down 10.95 points or 0.16% at 6,818.17.

Shares in Royal Mail continued to fall on Wednesday, a day after it was hit by a broker downgrade.

Royal Mail shed a further 1.7%, having fallen nearly 5% on Tuesday after JP Morgan cut its rating on the stock to "neutral" from "overweight".

The result of the auction for live Premier League football TV rights provoked a mixed reaction. Sky shares fell 2.2% while BT Group rose 3.7%.

The Premier League raised a record £5.136bn for the rights for the three years from 2016. Sky paid £4.2bn for five of the seven TV packages while rival BT paid £960m for the other two.

However, the amount Sky paid was 83% more than the previous auction, compared with a 30% rise for BT.

A note from analysts at Jeffries said that while the result for BT was "reassuring", it was "sobering for Sky", adding it would be "challenging to explain" to Sky shareholders.

Shares in Reckitt Benckiser rose 3.3% after the consumer goods group reported a rise in profits and announced plans for cost cuts. The company is aiming to trim £100m-£150m a year from costs by 2017.

Chip designer Arm Holdings rose 2.9% after it reported a 25% rise in fourth-quarter profits to £118.9m.

The company - whose designs are used in Apple's iPhone 6 - enjoyed a rise in royalty revenues in the quarter.

In the FTSE 250, shares in Redrow jumped 16.2% after the housebuilder reported a near-doubling in half-year profits to £91.2m.

Revenues rose 54% to £560.6m following an 18% increase in completions and a 14% rise in average selling prices to £300,000. The company is also doubling its interim dividend.

Thomas Cook shares were down nearly 5.5%, despite reporting a narrowing of its underlying operating loss to £53m in its first quarter.

The results were the first under new chief executive Peter Fankhauser, who took over in November following the surprise departure of Harriet Green.

On the currency markets, the pound fell 0.18% against the dollar to $1.5226. Against the euro, the pound fell 0.01% to €1.3472.