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RBS slides but market rises on oil lift

Royal Bank of ScotlandWed close: Royal Bank of Scotland fell 2% after slumping as low as 3.4% following an unscheduled list of further provisions for mis-selling and legal claims and admitting it will make another annual loss.

The shares plummeted to their 2012 level with little prospect of a public sale in the near future.

Crude futures spent most of the day in negative territory before recovering in the afternoon, with Brent rising 1.5% to $32.30 per barrel and West Texas Intermediate increasing 0.56% to $31.63 per barrel.

The gains came on hopes that OPEC and oil producing nations from outside the cartel would join forces to address the oversupply in the market. OPEC and Russian officials reportedly met on Tuesday for talks on possible action to eliminate the supply glut.

Aberdeen Asset Management rose 2 percent after the company said funds under management rose 2.4% quarter on quarter.

After two weak sessions, oil company Plexus rose 7.7%.

The FTSE 100 was up 78.91 points at 5,990.37.

 

 



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