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Royal Dutch Shell knocks Britain’s FTSE off 5-year high

Shell has been getting a bit of a kicking the last couple of days…

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Fri Mar 15, 2013 8:14am EDT

* FTSE 100 falls 0.5 percent

* Britain’s biggest company hit by analyst downgrade

* Index remains set for weekly gain

* IAG tops FTSE risers, up nearly 10 percent on the week

By Alistair Smout

LONDON, March 15 (Reuters) – Britain’s top share index fell on Friday, hit by an analyst downgrade to the country’s biggest company, but was set for a fifth straight weekly gain having set a fresh five-year high in the previous session.

Royal Dutch Shell was the top FTSE 100 faller, taking 10 points off the index, after JPMorgan cut its rating on the stock to “underweight” from “neutral”.

Shell has lost 6.1 percent since Jan 30., when the oil firm touched a six month high.

“Shell has been getting a bit of a kicking the last couple of days, and people have turned pretty bearish on the sector as a whole,” Yusuf Heusen, sales trader at IG Index, said.

FULL ARTICLE

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