Major UK financials were in the doldrums today, with both Royal Bank of Scotland and Standard Life sharply lower in early trading following updates from the businesses.
RBS was the biggest faller on the FTSE 100, off 6%, with shares falling to 332p, after it reported an £8.2bn loss for 2013. While a loss was expected, the £8.2bn was more than the market anticipated, with traders particularly disappointed with additional writedowns from its international and markets arms. Marc Kimsey, senior trader at Accendo Markets, said: "The selling pressure here this morning is immense, investors cannot get rid of their shares quick enough and traders are substantially adding to short positions. "The latest update is a shocker. With the financial crisis so far...
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