Business

Standard Chartered drags down FTSE 100

Trader watching monitor Image copyright AFP

(Close): London's FTSE 100 closed lower on Wednesday as Standard Chartered topped the losers' list for the second day running.

The Asia-focused bank fell more than 4%, after shedding 5.4% on Tuesday on the back of a disappointing third-quarter update.

But retailer Next was among the top gainers, adding 3.5% after the chain maintained its profit forecast.

Overall, the 100-share index declined by 1% or 72 points to 6,845.42.

On Tuesday, Standard Chartered reported underlying pre-tax profits of $458m, compared with a $139m loss last year, but chief executive Bill Winters said "income and profit levels are not yet acceptable".

Standard Chartered also said it could face action from Hong Kong's financial regulator over its role as joint sponsor of a share flotation in 2009.

On the currency markets on Wednesday, the pound was up 0.62% against the dollar at $1.232 and up 0.07% against the euro at €1.1081.