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Energy shares hit as oil falls again Vodafone shares hit by deal talk
(about 4 hours later)
(Open): Shares in energy stocks have continued to slide after oil prices hit five-year lows in the wake of last week's Opec meeting. (Noon): Falling energy and oil stocks pulled the market lower, while Vodafone shares fell on rumours it is mulling a takeover bid.
Shares in Tullow Oil fell 8.8% and BG Group dropped 4.1%. Reuters reported on Friday that the UK mobile network was considering a move for Virgin Media owner Liberty Global. Vodafone shares fell 4,5% to 223.30p.
Brent sank to $67.82 a barrel in Asian trade, the lowest since October 2009, before recovering to $68.44. The FTSE 100 fell 71.66 points to 6,650.96. The FTSE 100 index was down 55.32 points, or 0.8%, at 6,667.30.
Mining shares also fell after figures from China showed the manufacturing sector growing slower than expected. Commodity-related stocks saw big falls as the oil price dropped and China's manufacturing growth slowed.
BHP Billiton fell 3.4% and Anglo American dropped nearly 3%. The price of Brent crude oil touched a five-year low to $67.82 a barrel in Asian trade, the lowest since October 2009, before recovering to $69.72. Shares in Tullow Oil fell 5.4% and BG Group dropped 1.7%.
Airline shares rose on hopes that the fall in oil prices will lead to cheaper aviation fuel. British Airways owner IAG was up 3% and Easyjet shares climbed 2.1%. Mining shares also fell after figures from China showed the manufacturing sector growing slower than expected. BHP Billiton fell 2.7% and Anglo American dropped 2.1%.
In the FTSE 250, shares in Balfour Beatty rose 4.3% after the company said John Laing Infrastructure Fund had offered to buy its public-private partnership assets for £1bn. Shares in Aberdeen Asset Management rose 4.6% to 470.50p after it reported a 2% rise in underlying pre-tax profit to £490m.
Kier Group shares were down 1.8%. The company announced on Monday that it had held preliminary talks about buying infrastructure management group Mouchel. In the FTSE 250, shares in Balfour Beatty rose 5.6% after the company said John Laing Infrastructure Fund had offered to buy its public-private partnership assets for £1bn.
On the currency markets, the pound rose 0.09% against the dollar to $1.5662 and was 0.08% higher against the euro at €1.2573. Shares in Kier Group were down 1% after the construction group announced on Monday that it had held preliminary talks about buying Mouchel.
On the currency markets, the pound rose 0.38% against the dollar to $1.5707 and was 0.33% higher against the euro at €1.2604. Sterling was given some support by the latest survey of the UK manufacturing sector, which indicated a small pick-up in activity.