UK shares erase earlier advances

London - The volatility that has shaken markets in recent days is set to continue as Britain’s shares wiped off earlier gains.

Royal Dutch Shell lost 1.9% as European energy producers fell the most among industry groups. Glencore dropped another 4.8%, extending a record low.

The FTSE 100 Index fell 0.4% at 10:23 after earlier gaining as much as 0.9%. The broader FTSE All-Share Index also dropped 0.4%, while Ireland’s ISEQ Index was little changed. A volatility gauge for UK stocks is near its highest level since 2011.

Ashtead Group advanced 4.9% after reporting an increase in quarterly profit. ARM Holdings rose 1.8% as JPMorgan Chase raised its rating on the stock. Hikma Pharmaceuticals added 4.5% as Barclays said the company’s acquisition of Roxane has transformed its US exposure and long-term visibility.

Asos dropped 2.7% after the UK’s largest online-only fashion retailer said chief executive officer an Co- Founder Nick Robertson will step down.