Glencore probe, weak earnings reports drag FTSE 100 lower

Glencore probe, weak earnings reports drag FTSE 100 lower
FILE PHOTO: A financial trader works at their desk at CMC Markets in the City of London, Britain, April 11, 2019. REUTERS/Peter Nicholls Copyright PETER NICHOLLS(Reuters)
Copyright PETER NICHOLLS(Reuters)
By Reuters
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(Reuters) - The FTSE 100 edged lower on Friday as Glencore fell on a U.S. CFTC investigation, RBS and Just Eat tumbled after quarterly reports and oil majors weighed, while Ferrexpo slumped after its auditor quit amid an accounting probe.

The FTSE 100 was 0.5 percent lower and the FTSE 250 was down 0.2 percent by 0726 GMT.

Mining heavyweight Glencore fell 3.7 percent after disclosing an investigation by the U.S. Commodity Futures Trading Commission into possible corrupt practices which may have led to potential violations of some regulations.

Royal Bank of Scotland skidded 5.2 percent and was on track for its worst day in more than five months after intensifying competition and Brexit uncertainty hurt quarterly profit.

Online takeaway service Just Eat slipped 4.6 percent as it blamed warm weather in February and a later Easter for softer order growth in its home market in the first quarter.

Oil giants BP and Shell were among the biggest drags on the main bourse after an oil price dip. [O/R]

News-based moves dominated on the mid-cap index as well.

Ferrexpo, under the scanner after it found some funds of a charity in Ukraine it donates to could have been "misappropriated", shed 11.9 percent after Deloitte abruptly quit as its auditor.

The iron ore pellet producer's stock was on track for its worst day in more than eight months.

Insurer Hastings gave up 4.9 percent after it forecast annual loss ratio - the amount it spends on claims compared to income from premiums - would move towards the higher end of its target range.

But capping losses was IT services company Computacenter which surged 10.5 percent as it stuck to its annual targets after a "pleasing" first-quarter.

(Reporting by Shashwat Awasthi and Muvija M in Bengaluru; Editing by Janet Lawrence)

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