The FTSE 100 Index fell 54.30 points, or 0.94%, to 5,474 points today, led by Royal Dutch Shell after the oil major reported a 3% rise in fourth quarter net income to $5.395bn, below expectations.
Shell dropped 2.44% to 1,956p. Excluding $34m of exceptional items the 3% figure missed forecasts although a 30% hike in full year current cost of supply to $22.94bn is the biggest ever profit for a UK listed company. The market had also been hoping for around $10bn of share buybacks or a special dividend in 2006 rather than the $5bn expected return it announced. BP also dropped 3.03% to 655p. Lloyds TSB fell 1.82% to 525.25p after brokers turned cautious, giving up some of its bid inspired gains. DKW downgraded the shares to "reduce" from "hold", while Exane BNP lowered its stance...
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