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Barclays, Taylor Wimpey earnings hit London stocks as pandemic bites

Published 29/07/2020, 08:24
© Reuters.
UK100
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NXT
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SN
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FTMC
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 flat, FTSE 250 down 0.2%

July 29 (Reuters) - Bleak quarterly showings by Barclays,
Smith+Nephew and Taylor Wimpey weighed on the FTSE 100 on
Wednesday, with investors now awaiting more stimulus from the
U.S. Congress and the Federal Reserve to shore up a battered
global economy.
Kicking off the quarterly earnings season for UK banks,
Barclays set aside a higher-than-expected 1.6 billion pounds
($2.07 billion) to cover a possible rise in loan losses due to
the COVID-19 pandemic. Its shares fell 1.2% in early trading.
Medical products maker Smith+Nephew SN.L tumbled 3.7% as
it posted a lower-than-expected first-half profit, while
homebuilder Taylor Wimpey Plc TW.L shed 5.0% on saying it
expected to complete around 40% fewer homes in 2020.
But a 9.3% jump for Next Plc NXT.L helped limit the
declines on the blue-chip FTSE 100 .FTSE , which was trading
flat at 0716 GMT. Next reported a smaller-than-feared decline in
second-quarter sales.
Lloyd's of London insurer Lancashire LRE.L fell 5.7% to
the bottom of the FTSE 250 after posting a loss for the first
half of the year. The mid-cap index .FTMC was off 0.2%.


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