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FTSE 100 movers: Shell in the red; airlines fly higher
(Sharecast News) - London's FTSE 100 was down 0.1% at 8,816.13 in afternoon trade on Monday. Shell was the worst performer on the index after the energy major cut the top end of its guidance for gas and liquified natural gas production in the second quarter. BP also fell.
Dan Coatsworth, investment analyst at AJ Bell, said: "Shell's latest quarterly results teaser has created trepidation that the numbers will be a dud.
"The company has cut the upper limit on its guidance for second-quarter gas and LNG output and downwardly revised expectations for its trading division. Shell will be announcing its upcoming earnings amid considerable volatility in the energy market and the wider global economy.
"Shell is looking to achieve a 4% to 5% per year increase in LNG sales over the next five years and a 1% annual increase in production. One quarter can be kept in perspective but if it becomes a trend then shareholders may get twitchy about the viability of these targets.
"The news elsewhere is mixed and the chemical and products arm is not expected to break even thanks to unplanned maintenance at a US facility.
"Shell may face further questions when it unveils its results in full later this month about its intentions with regards to BP. Despite widespread speculation, Shell has denied it has any intention of merging with its stricken counterpart, but the story refuses to go away as BP's struggles continue."
On the upside, BA and Iberia owner IAG and budget airline easyJet both flew higher.
FTSE 100 - Risers
3i Group (III) 4,139.00p 2.40% Standard Chartered (STAN) 1,228.00p 1.74% Flutter Entertainment (DI) (FLTR) 20,520.00p 1.74% Rolls-Royce Holdings (RR.) 976.80p 1.48% International Consolidated Airlines Group SA (CDI) (IAG) 351.60p 1.44% Barclays (BARC) 334.90p 1.33% easyJet (EZJ) 528.40p 1.07% Schroders (SDR) 366.80p 1.05% Intermediate Capital Group (ICG) 1,940.00p 1.04% Airtel Africa (AAF) 180.00p 1.01%
FTSE 100 - Fallers
Shell (SHEL) 2,557.50p -2.68% JD Sports Fashion (JD.) 87.68p -2.62% Haleon (HLN) 370.90p -1.85% BP (BP.) 372.30p -1.83% Glencore (GLEN) 298.50p -1.44% Mondi (MNDI) 1,183.50p -1.29% United Utilities Group (UU.) 1,104.50p -1.16% Persimmon (PSN) 1,197.50p -1.03% Bunzl (BNZL) 2,316.00p -1.03% Fresnillo (FRES) 1,482.00p -0.87%
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