FTSE dives into the red with oil giants Shell and BP under pressure a

FTSE 100 opened lower as oil giants Shell and BP came under pressure and the market delved into the detail of yesterday’s Budget. London’s blue-chip index fell 29 to 7,223.

Lloyds Banking Group PLC (LSE:LLOY) (LSE:LLOY) posted stronger-than-expected profits for the third quarter and pointed to an improved outlook for the UK economy. New chief executive Charlie Nunn said the improved performance reflected gradually increasing customer activity.

Shell is facing calls to break up by a US activist investor. Third Point has a acquired a stake worth US $750m and wants Shell’s oil and refining operations spun out into a separate business. 

Ford smashed third quarter earnings expectations with EPS of 51c or almost double what was expected in spite of problems with chip shortages.  Shares in the car maker jumped 9% on the news in overnight trading in the US.
Among the small caps, Eurasia Mining PLC (AIM:EUA) (LSE:EUA) is moving forward with the potential sale of nearly all of its assets. The board is considering proposals from multiple interested buyers.
 
Meanwhile, EQTEC PLC (AIM:EQT) (AIM:EQT) has secured funding for an advanced gasification facility at its Deeside Refuse Derived Fuel project in Wales. It would use the firm’s technology to turn waste into energy.
 
Chariot Limited (AIM:CHAR) has signed an initial agreement with an unnamed international energy group for gas offtake and partnering. If it goes ahead, the pair will work together on Chariot’s Anchois Gas Development offshore Morocco.