Shell's historic dividend cut drags FTSE 100 lower [Reuters (UK)]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Shell's historic dividend cut drags FTSE 100 lower - Reuters 3 Min Read (Reuters) - An 11% plunge in the shares of oil giant Royal Dutch Shell ( RDSa.L ) knocked UK’s FTSE 100 lower on Thursday, after the company cut its dividend for the first time since World War Two to cope with the fallout of the coronavirus crisis. The internationally focused FTSE 100 .FTSE fell 3.5%, with the energy sector proving the biggest drag, taking 65 points off the index. Shares in rival BP ( BP.L ), which said it was maintaining its dividend earlier this week, fell 6%. Shell also suspended share buybacks and said it would reduce output by about a quarter, hit by a slump in oil demand due to tight lockdown measures. “Shell’s decision is devastating to investors across the country as so many people own its shares directly or through their pension,” Russ Mould, investment director at AJ Bell, wrote in a client note. “Shell’s actions could also lead to BP potentially reassessing its position in the near
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