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Lloyds Bank loss hits FTSE 100, AstraZeneca gains

Published 30/07/2020, 08:24
© Reuters.
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* FTSE 100 down 0.4%, FTSE 250 off 0.3%

July 30 (Reuters) - Gloomy quarterly results from Lloyds
Bank and a clutch of other companies led the FTSE 100 lower on
Thursday, while AstraZeneca rose after topping analysts'
expectations on the back of strong drug sales during
coronavirus-driven lockdowns.
The blue-chip FTSE 100 .FTSE was down 0.4%, with Lloyds
Banking Group LLOY.L sliding 5.9% after swinging to a rare
pretax loss in the first half of 2020 due to
higher-than-expected loan loss provisions. The mid-cap FTSE 250 .FTMC slipped 0.3%, led by a 2.4%
fall for car dealer Inchcape INCH.L as it said it also posted
a pretax loss in the first half of the year.
The autos index .FTNMX3350 was among the biggest decliners
in early trading, extending losses for the year to nearly 50% as
the COVID-19 pandemic hammers car sales in the UK. Data on
Thursday showed British car output fell by more than an annual
40% in the first six months to the lowest level since 1954.
AstraZeneca AZN.L rose 1.8% as it beat second-quarter
sales and profit estimates and backed its 2020 forecasts, helped
by strong sales of a diverse product range that now includes a
potential coronavirus vaccine.

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