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UPDATE 2-London stocks fall as concerns over virus resurgence weigh

Published 10/29/2020, 05:45 PM
Updated 10/30/2020, 01:30 AM
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Shell rises on upbeat quarterly profit, dividend increase
* Second national lockdown in Britain not inevitable -
minister
* StanChart warns profit goal pushed back, shares fall
* FTSE 100 flat, FTSE 250 down 0.4%

(Adds comment; updates to close)
By Devik Jain
Oct 29 (Reuters) - London stocks fell on Thursday as
concerns that a resurgence in coronavirus cases might derail a
fragile economic recovery, offsetting a clutch of positive
earnings from Royal Dutch Shell and Lloyds Bank.
The blue-chip FTSE 100 index .FTSE ended flat in choppy
trading, with oil major Royal Dutch Shell Plc RDSa.L gaining
3.6% after it posted a higher-than-expected quarterly profit and
increased its dividend. Lloyds Banking Group Plc LLOY.L added 2.3% after the
domestic lender posted a forecast-beating quarterly profit,
boosted by a home-loan boom. After rising as much as 0.6% in the morning trade, the
domestically focussed FTSE 250 .FTMC ended 0.4% lower, dragged
down by aero .FTNMX2710 and retailer .FTNMX5370 stocks.
"Because we're now heading into Q4 which looks much more
uncertain in terms of back to lockdowns and restrictions, people
can be much more wary about buying into equities when we're
going into a second wave, the duration and scope of which we
don't know anything about at the moment," said Chris Beauchamp,
chief market analyst at IG.
The UK market has come under pressure this week on concerns
that an accelerating second wave of infections could prompt more
drastic lockdown restrictions. Both the FTSE 100 and FTSE 250
are set for their biggest weekly declines since early June.
Housing minister Robert Jenrick said a second national
lockdown in Britain was not inevitable and the government will
do everything to avoid one, even as a study by Imperial College
showed England's COVID-19 infections doubled every nine days.
In company news, BT Group Plc BT.L reversed course to
close 2.5% lower after Britain's biggest fixed-line and mobile
operator said profits probably wouldn't get back to pre-pandemic
levels until 2022-23. Standard Chartered Plc STAN.L tumbled 7.7% after the
lender warned it would take longer to hit a key profitability
target due to the COVID-19 pandemic.

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