Financial stocks drag FTSE 100 lower; DS Smith outperforms

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A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain, August 24, 2015. REUTERS/Suzanne Plunkett/File Photo

  • FTSE 100 down 0.3%, FTSE 250 flat

Sept 7 (Reuters) – London’s FTSE 100 index edged lower on Tuesday, weighed down by banks and brokerages, while DS Smith jumped to the top of the index after an upbeat trading update.

The blue-chip index (.FTSE) fell 0.3%, with shares of banking (.FTNMX301010) and investment banking and brokerage services providers (.FTNMX302020) shedding 0.8% and 0.6%, respectively.

Heavyweight oil majors BP (BP.L) and Royal Dutch Shell (RDSa.L) slipped about 0.4% as oil prices remained muted amid fears over slower demand.

The domestically focused mid-cap FTSE 250 index (.FTMC) was flat.

DS Smith (SMDS.L) gained 3.3% as J.P.Morgan raised its price target on the cardboard maker’s stock after it said trading continued to progress well in line with the trends.

TP ICAP Group Plc (TCAPI.L) fell 4.6% after the world’s largest inter-dealer broker reported a lower half-year profit as market volatility eased. read more

Reporting by Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty

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