The FTSE 100 trades almost 0.9% lower in early trading at 6,380 points. The index has been hit by disappointing earnings from some of its largest constituents. One such company is Barclays (BARC) where shares trade 4.9% lower at 240.6p as third quarter adjusted pre-tax profits fell 10.2% year-on-year to £1.4 billion. Fines for rigging the foreign exchange rate and US mortgage mis-selling continue to bite into the bank’s earnings.
Oil major Royal Dutch Shell (RDSB) slips 1% to £17.25 as its third quarter results disappoint. A $1.8 billion profit was some way below consensus of $2.6 billion, in part reflecting a $400 million loss in its upstream division.
Digital payments platform Optimal Payments (OPAY:AIM) tumbles 13% to 301p on allegations a 'material amount' of its customer data is publicly accessible online. Optimal says customer records may have been compromised in its legacy unit Neteller as well as Skrill, which Optimal paid €1.1 billion to acquire in August. Similar breaches occurred in 2009 and 2010 in both divisions, the company says, which it claims were the result of cyber-attacks.
Falkland Islands oil explorer Falkland Oil & Gas (FOGL:AIM) dives 32.9% to 13.6p as its deep water Humpback exploration well failed to find sufficient hydrocarbons to be commercial.
Premium drinks minnow Distil (DIS:AIM) froths up 14.4% to 1.03p as investors cheer pleasing interims - sales up the best part of 90% and losses reduced - and a confident outlook statement. Distil also cheers with news its RedLeg Spiced Rum tipple has been listed by a major UK grocer in 700 of its biggest UK stores in time for Christmas.