FTSE 100 recoups losses as oil majors climb, Plus500 nose-dives

  • Reuters
  • Stock Market News
FTSE 100 recoups losses as oil majors climb, Plus500 nose-dives
Credit: © Reuters.

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* FTSE 100 up 0.1 pct

* FTSE 250 down 0.1 pct

* Oil giants boost main index

* Plus500 slumps as revenue slides, dragging peers lower

* Pets At Home skids after CPPIB sells stake

April 12 (Reuters) - Oil stocks led Britain's FTSE 100 higher on Friday, but trading was muted as the U.S. corporate earnings season began. A plunge in revenue took down mid-cap online trading platform Plus500 and its peers.

The FTSE 100 .FTSE was up 0.1 percent and the FTSE 250 .FTMC was 0.1 percent lower by 0739 GMT.

Plus500 PLUSP.L slumped more than 41 percent and was on track for its worst day ever after lower trading volumes caused its first-quarter revenue to plummet. Group IGG.L fell and CMC Markets CMCX.L dropped 5.2 percent.

Oil majors Shell RDSa.L and BP BP.L were the biggest boosts to the main index as oil prices rose. But Johnson Matthey JMAT.L lost 1.8 percent after an Investec downgrade and British American Tobacco (JO: SNHJ ) BATS.L fell 1.6 percent.

Mid-cap Pets At Home PETSP.L tumbled 13.6 percent, on course for its biggest one-day loss ever, after Canada Pension Plan Investment Board agreed to sell its holding in the company, almost 11 percent of the shares.

Expectations for the U.S. earnings season were low, said CMC Markets analyst Michael Hewson. "The global economic outlook continues to look a little on the soft side, even without this week's IMF growth downgrades," he said.

However, China reported on Friday that March exports rose more than expected and imports declined more than expected.

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