FTSE Closes at Lowest Level since November
Royal Dutch Shell reported a 75% fall in fourth quarter profits, down to $1.18 billion, on Thursday afternoon, adding to the woes of a market already weighed down by worse than expected unemployment figures from the U.S., a strengthening dollar and worries about the economies of Greece and Portugal.
Chris Bradshaw
shareprices.com - Thursday, February 04, 2010
Shell blamed weaker margins in its refining business and the recession generally for the fall and said that further cuts – including the loss of 1,000 jobs, many of them in its refining, marketing and retail division – would be necessary to stop the rot. Shell does, nevertheless, continue to lag behind its rivals. Its share price fell 43.5p or 2.54% to 1,666p, contributing to an overall loss of 113.84 points or 2.2% for the FTSE 100. The leading share index closed at 5,139.31 points, its lowest closing level since early November.
The dollar traded as high as €0.73 and concerns over the figures from the U.S. Labor Department – which revealed 480,000 jobless claims last week, compared with the 455,000 expected by economists – caused the price of crude oil to fall by more than $3.5 a barrel, putting pressure on commodity and energy stocks. Mining stocks predictably took a drubbing with Antofagasta down 71.5p or 7.93% to 830p the worst and Eurasian Natural Resources Corporation (ENRC), down 68p or 7.14% to 885p, the worst performer in the sector. Switzerland-based miner Xstrata, which was a major faller yesterday, suffered again today, closing down 63.5p or 5.96% at 1,002p.
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