Shell drags down FTSE 100, gambling firm 888 surges

The blue-chip index edged down 0.2% by 0716 GMT, while the domestically focussed midcap index slipped 0.1%. Shell fell 1.5% as it will write down up to $5 billion, more than previously disclosed, while soaring oil and gas prices boosted trading activities in the first quarter.

Britain's FTSE 100 slipped in early deals on Thursday, lagging its continental peers, as oil major Shell dropped after it flagged a bigger writedown following its decision to exit Russia. The blue-chip index edged down 0.2% by 0716 GMT, while the domestically focussed midcap index slipped 0.1%.

Shell fell 1.5% as it will write down up to $5 billion, more than previously disclosed, while soaring oil and gas prices boosted trading activities in the first quarter. Meanwhile, homebuilders fell 1.6% after mortgage lender Halifax said British house prices grew strongly again in March but there are big questions about whether this can continue later in the year.

Countryside Properties tumbled 9.5% after a disappointing full-year earnings forecast. Among gainers, 888 Holdings surged 23.6% after the gambling firm and U.S.-based Caesars Entertainment cut the deal value of William Hill's non-U.S. assets.