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FTSE down as energy shares fall | FTSE down as energy shares fall |
(about 3 hours later) | |
(Noon): Falling oil prices and weak economic data from China combined to push the market down sharply. | |
The FTSE 100 was down 98.70 points, or 1.5%, at 6,363.00. Oil-related stocks saw big falls after Brent dipped below $63 a barrel while the price of US crude remained below $60. | |
Oilfield services firm Petrofac fell 4.4%, while oil giants BP and Shell were both down by about 2%. | |
Disappointing industrial production data from China hit mining shares. | |
Factory output in China in November was up 7.2% from a year earlier, but this was down from a rate of 7.7% in October. | |
China is the world's largest importer of raw materials so the health of the economy has a big impact on commodity-related stocks. Among the mining firms, Anglo American fell 2.2% and BHP Billiton dropped 2%. | |
Utility companies were among the few risers on the market after industry regulator Ofwat set out price limits for the sector for the next five years. | |
Ofwat said prices in England and Wales would fall by 5% on average, excluding inflation, by 2020. | Ofwat said prices in England and Wales would fall by 5% on average, excluding inflation, by 2020. |
Shares in Severn Trent rose 0.8% and United Utilities was 2.7% higher following the announcement. | |
On the currency markets, the pound slipped 0.07% against the dollar to $1.5719, and fell 0.45% against the euro to €1.2620. |