12/08/14 Market Movements

Market news

The FTSE100 closed down as Royal Dutch Shell fell, offsetting gains by Prudential.

Shell slipped 1% as the price of Brent crude Oil fell 1.60% to $103.08 –  its lowest price in 13 months.

Hargreaves Landowne was the biggest faller of the day in percentage terms, down 2.87%, after UBS AG recommended selling shares in the U.K.’s largest retail stockbroker.  UBS justified the statement by suggesting that the stock looks expensive on a series of estimations.

Prudential helped the FTSE100 recover some ground after climbing 2.20% off the back of the announcement that operating profit climbed to £1.52 billion in the first half of 2014 from £1.42 billion a year earlier.