FTSE 100 Extends Losses On Fed Worries
(RTTNews) - U.K.'s stocks edged lower on Wednesday on the back of hawkish comments from Federal Reserve Chair Jerome Powell and a much lower profit reported by insurance giant Admiral.
The benchmark FTSE 100 slipped 0.3 percent to 7,895 after closing 0.1 percent lower on Tuesday.
Admiral Group shares fell nearly 5 percent. The financial services provider proposed a lower dividend for the year after reporting a sharp fall in profit.
Hill & Smith, a provider of infrastructure and safe transport solutions, declined 3.5 percent despite reporting a 62 percent increase in its fiscal 2022 profit before tax.
Similarly, financial services group Legal & General was down more than 2 percent despite reporting strong growth in profit in 2022.
Restaurant Group plunged 8 percent after widening its FY22 loss.
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