(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Shell declines after weak Q3 results
* Lloyds up on strong Q3 performance
* FTSE 100 down 0.1%, FTSE 250 off 0.1%
(Updates to close)
By Bansari Mayur Kamdar and Amal S
Oct 28 (Reuters) - London's FTSE 100 fell on Thursday, led
by oil major Royal Dutch Shell after it missed quarterly profit
estimates, although forecast-beating earnings from Lloyds
Banking Group and ad firm WPP checked overall declines.
The commodity-heavy FTSE 100 ended 0.1% lower, with
Shell down 3.0% after its third-quarter adjusted
earnings came in below analysts' forecast, while rival BP
dropped 1.6%.
The decline in Shell's profit came as hedge fund Third Point
built a large stake and called on the oil major to split into
multiple companies to increase its performance and market value.
"In this modern age, investors either want to wear an ESG
hat, knowing that their investments are doing the right thing
when it comes to environmental, social and governance matters,
or they don't care what the company does so long as it makes
money," said Russ Mould, investment director at AJ Bell.
The energy sub-index has declined 1.7% so far
this week, lagging the benchmark FTSE 100 as oil prices fell to
a two-week low after official figures showed an unexpected jump
in U.S. inventories of crude.
High street lender Lloyds gained 1.3% after beating
analyst estimates for third-quarter results as Britain's economy
rebounded from pandemic lockdowns.
WPP jumped 8.1% as the world's biggest advertising
company lifted its full-year underlying net sales guidance
again.
The domestically focussed mid-cap index fell 0.1%.
There was an air of caution in broader European markets
ahead of a European Central Bank policy decision, while many
heavyweight companies including Volkswagen flagged a
hit to earnings from supply-chain disruptions.
British aerospace engineer and takeover target Meggitt Plc
was flat after it warned of lower annual revenue and
profit as it struggles with supply-chain problems and weak
defence markets.
(Reporting by Bansari Mayur Kamdar and Amal S in Bengaluru;
Editing by Subhranshu Sahu and Marguerita Choy)
