FTSE:5,919.98 (–3.55) Mid-250:11,409.74 (–112.20) Small Cap:3,218.37 (–24.33)

LONDON EQUITY markets slipped further yesterday, taking losses into a fifth consecutive session since turmoil in Libya started to curb oil production, sending crude prices to 30-month highs.

Although the rate of overall losses slowed on the FTSE 100, it came as the index’s longest losing streak since July.

Shares in the state-controlled Royal Bank of Scotland were down 3.6 per cent to 45.6p in closing trade, however, as losses from Ireland and its investment banking division led to net losses that were worse than forecast.

“RBS as a listed entity will always be effectively boxing with one hand tied behind its back,” said Richard Curr, head dealer at Prime Markets. “Until the [Government] stake sale occurs, the company will always have very limited upside.”

Lloyds Banking, which reports full-year results today, was 0.4 per cent higher to to 65.78p, while Barclays, which reported a sharp rise in 2010 profits last week, fell 2 per cent.

Overall, the FTSE 100 was down just four points. Over the past five trading days, the benchmark index has lost nearly 3 per cent as oil prices have climbed 14 per cent in the same period.

Oil and gas producers provided the index with its main support as BP rose 0.9 per cent to 493p, BG added 2.3 per cent to £14.86 and Royal Dutch Shell climbed 1.1 per cent to £21.90.

RSA Insurance fell 0.6 per cent to 138.9p after reporting an 18 per cent fall in full-year profit, related to higher claims during the spell of wintry weather in the UK throughout December.

The company, best known for its More Than brand, announced a 7 per cent increase in its full-year dividend to 8.82p.

GKN, the automotive and aerospace parts maker, fell 2.3 per cent to 197.4p after it was downgraded to “hold” from “buy” at Citigroup.

Second-tier drinks group Britvic tumbled 11.7 per cent to 369p after warning that it did not expect any operating profit margin improvement in 2011 as the pace of input-cost inflation reached “unprecedented” levels.

Sportingbet, meanwhile, rose 2.1 per cent to 47.1p after posting better-than-expected second-quarter earnings and said its third quarter had got off to a strong start thanks to growth in Australia, emerging markets and Turkey. – (Copyright The Financial Times Limited 2011)