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FTSE down as energy shares fall | FTSE down as energy shares fall |
(about 5 hours later) | |
(Close): Falling oil prices and weak economic data from China combined to push the market down sharply. | |
The FTSE 100 was down 161.07 points, or 2.49%, at 6,300.63. 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 6.35%, while oil giants BP and Shell were both down heavily. | |
Disappointing industrial production data from China hit mining shares. | 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. | 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 3.15% and BHP Billiton dropped 2.65%. | |
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. | 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. |
On the currency markets, the pound slipped 0.04% against the dollar to $1.5724, and fell 0.59% against the euro to €1.26010. | |