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Dragged by Standard Chartered and BP, FTSE 100 Pares Earlier Gains

Nov, 01st 12:05

U.K shares opened higher on Tuesday, powered by better-than-expected quarterly results from Royal Dutch Shell and. Overall sentiment was also boosted by news that Bank of England governor Mark Carney would remain in his post until June 2019. However, losses led by Standard Chartered and BP limited gains.

Shell shares added nearly 4% after the Anglo-Dutch oil giant reported its quarterly net income at $1.4 billion, up from a loss of $6.1 billion in the third quarter of 2015. Royal Dutch Shell’s adjusted earnings, which strip out one-off items, rose to $2.8 billion in the three-month period to September. The figure beat both result of a year earlier that stood at $2.4 billion and analysts’ expectations of a $1.8 billion profit.

Shell B shares topped the market, up 3.95% to 2,198.57p per share, while Shell A issues were runner-up at 2,111.00p per share, up 3.56% from opening price.

On the contrary, Shell’s oil giant BP witnessed its shares dropped after reporting a fall in third-quarter underlying earnings. Despite outperforming analysts’ consensus of a $686 million adjusted earnings, which exclude one-time charges or infrequent events, BP’s underlying earnings fell to $933 million from $1.8 billion a year earlier. BP shares lost 2.22% even its third-quarter profit rose 35% thanks to cost-cutting plans.

Nonetheless, the biggest faller on the market was Standard Chartered, whose shares were down 6% to 668p. New chief executive Bill Winters admitted “income and profit levels are not yet acceptable”, saying that revenue was not rising fast enough. Winters added that the Bank of England had ordered it to hold more capital.

The London-listed bank reported a decline in its income in the third quarter from the same period a year ago. The lender generated $3.47 billion of income in the July-September period, down 6% from $3.68 billion for the same period a year ago. Additionally, Standard Chartered may be imposed with sanctions from the Hong Kong authorities over its handling of a stock market flotation, which adds to the list of regulatory problems at the emerging-market-focused lender.


Fig: FTSE 100 H4 Technical Chart

The U.K.’s FTSE 100 has been kept range-bound for nearly one week. The index has fluctuated between the support at 6935.00 and the resistance at 7000.00 and has been under the downward pressures exerted from two MAs hanging above the price action. RSI index retreated from the neutral line, suggesting a market in favor of sellers.

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Buy Digital Put Option from 6955.00 to 6935.00 valid until 20:00 GMT November 1, 2016

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