By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Earnings reports weighed on some of the
FTSE 100's biggest companies on Thursday, leading the benchmark
index to a third straight day of losses.
The FTSE 100 lost 0.9% to 6,739.75, building on a 0.5% loss from
Wednesday.
Shares of Royal Bank of Scotland Group PLC (RBS) topped the list
of decliners, sliding 7.4%, after the 81% state-owned lender posted
a loss of GBP9 billion ($15 billion) for 2013 and announced a plan
to cut GBP5 billion in costs over the next few years.
RSA Insurance Group PLC lost 3.1% after the insurer launched a
GBP775 million rights issue to strengthen its balance sheet. The
company also reported a sharp decline in operating profit, which is
a key measure in the insurance industry.
Another insurer, Standard Life PLC , lost 2.6% after the company
reported a 30% drop in full-year profit.
WPP PLC slumped 5.3% after the advertising giant said it missed
its margin target for 2013. The slide in many emerging-market
currencies against the pound weighed on profit in the second half
and particularly in the last quarter of the year, the company
said.
On a more upbeat note, shares of Reed Elsevier PLC advanced 1%
after the publishing firm reported a rise in full-year earnings and
raised its dividend.
Outside the main index, Man Group PLC rallied 11% after the
investment manager said it swung to a full-year profit in 2013 and
laid out plans to repurchase $115 million of its ordinary shares to
return surplus capital to shareholders.
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