FTSE 100 index dropped for the first time in seven days


wpid-businessstocks.jpgThe U.K.?s FTSE 100 index dropped for the first time in seven days on Thursday, as some of the benchmark?s major companies, including Lloyds Banking Group, Rolls-Royce and Rio Tinto, declined after reporting earnings.

The FTSE index lost 0.2% to end at 6,659.42, after closing at the highest level since January. 23 on Wednesday.

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Shares of Lloyds Banking Group PLC ?dropped 2.7% after the bank posted a full-year loss as provisions for mis-sold payment-protections insurance continued to have an impact on its bottom line.

Other banks also declined, with shares of Barclays PLC down 1.6% and Royal Bank of Scotland Group PLC ?off 0.7%.

Shares of Rolls-Royce Holdings PLC slumped 14% after the aerospace and defense company warned that it expects no revenue growth in 2014 for the first time in 10 years. For 2013, the company reported a 41% drop in profit.

Tate & Lyle PLC slid 16% after the food-ingredient firm lowered its guidance for fiscal 2014.

Shares of Rio Tinto PLC slipped 0.4% after the mining giant said it swung to an annual profit in 2013, but also said it will write down the value of assets, including its Oyu Tolgoi copper project in Mongolia, by $3.4 billion.

The rest of the mining sector also moved lower, as metals prices were mixed. Shares of Antofagasta PLC dropped 2.4%, Anglo American PLC lost 0.5%, and Glencore Xstrata PLC fell 1.5%.

AMEC PLC fell 1.1% after the oil-services firm said it agreed to buy U.S.-listed Switzerland-based Foster Wheeler AG in a cash-and-shares deal valued at around $3.3 billion.

On a more upbeat note, shares of Imperial Tobacco Group PLC rallied 5.7% after the tobacco company said it expects modest growth in earnings per share for the full year and at least a 10% increase in dividend.? British American Tobacco PLC ???gained 1.9%

Source MarketWatch

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