April 28, 2020 / 7:27 AM / a month ago

FTSE 100 dips as pandemic hammers BP, HSBC profits

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* FTSE 100 down 0.1%, FTSE 250 up 0.5%

April 28 (Reuters) - London’s FTSE 100 index headed lower on Tuesday, as oil major BP and lender HSBC became the latest blue-chip firms to report a slump in their quarterly profit due to the coronavirus outbreak.

The commodity-heavy index was down about 0.1%, with BP Plc shedding 1.5% as its first-quarter profit tumbled by two-thirds and debt rose sharply.

The wider energy index fell 1.1%, also pressured by another dive in oil prices, as the world runs out of storage space with the health crisis crushing demand.

Asia-focussed lender HSBC Holdings PLC lost 1.6% after first-quarter profit nearly halved and it boosted provisions against potential bad loans.

But the domestically focussed mid-cap index added 0.5%, with financials and consumer discretionary firms providing the biggest boost. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Rashmi Aich)

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