Morning Markets: RBS plunges despite £15m pre-tax profit

The FTSE has dropped back from its year-high this morning as the RBS results weigh heavily on the index.

London's blue-chip index is 25.96 points down (0.55%) to 4664.57, with financials RBS and Lloyds TSB sitting within the bottom three positions. Royal Bank of Scotland has plunged 7.41% to 49.49p, after positing a £15m first-half pre-tax profit, well below many analyst forecasts. It also written off £7.52bn of bad debts. After taking the top performer spot for two consecutive days, Lloyds TSB has fallen 2.58% to 102p. Airline refuelling equipment producer Cobham is the biggest winner so far, up 1.28% to 189.8p after it revealed sales for the six months ended in June rose to £952m fr...