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FTSE 100: Mining shares drop 2.3% on global growth worries | |
(4 months later) | |
(Close): The market was dragged lower as shares in mining firms dropped sharply after commodity prices tumbled. | (Close): The market was dragged lower as shares in mining firms dropped sharply after commodity prices tumbled. |
Copper prices hit five-and-a-half-year lows as the World Bank cut its global growth forecasts. Commodity prices have also been hit by falling oil prices. | Copper prices hit five-and-a-half-year lows as the World Bank cut its global growth forecasts. Commodity prices have also been hit by falling oil prices. |
Glencore lost 9.3%, Anglo American was 9% lower. Antofagasta and Billiton were both down fell 5%. | Glencore lost 9.3%, Anglo American was 9% lower. Antofagasta and Billiton were both down fell 5%. |
It meant the benchmark FTSE 100 index was down 153.7 points, or 2.34%, at 6388.83. | It meant the benchmark FTSE 100 index was down 153.7 points, or 2.34%, at 6388.83. |
Three of the top five fallers in the index were miners and commodity stocks. The World Bank report cited stagnation in Europe and a slowdown in China as major headwinds for the global economy. | Three of the top five fallers in the index were miners and commodity stocks. The World Bank report cited stagnation in Europe and a slowdown in China as major headwinds for the global economy. |
Standard Chartered joined them by the close, losing 5% on fears about its own exposure to the commodities markets. | Standard Chartered joined them by the close, losing 5% on fears about its own exposure to the commodities markets. |
Tesco continued to rally in the wake of last week's better-than-expected Christmas trading figures, despite rating agency S&P downgrading its debt to "junk" status. Its move echoes that of rival agency Moody's last week. The shares were up 1%. | Tesco continued to rally in the wake of last week's better-than-expected Christmas trading figures, despite rating agency S&P downgrading its debt to "junk" status. Its move echoes that of rival agency Moody's last week. The shares were up 1%. |
Investors were also digesting a number of trading updates from firms. | Investors were also digesting a number of trading updates from firms. |
Shares in Supergroup - the firm behind the Superdry fashion label - rose 10% after it reported a 12.4% rise in like-for-like sales for the 11 weeks to 10 January. | Shares in Supergroup - the firm behind the Superdry fashion label - rose 10% after it reported a 12.4% rise in like-for-like sales for the 11 weeks to 10 January. |
Online takeaway firm Just Eat saw its shares rise 3% after it said total orders during 2014 rose 52% from the previous year. | Online takeaway firm Just Eat saw its shares rise 3% after it said total orders during 2014 rose 52% from the previous year. |
But Game Digital shares dived 50% at the start of trading after the video games business reported a 5.4% drop in group sales for the 11 weeks to 10 January. By the close the stock was 30% lower. | But Game Digital shares dived 50% at the start of trading after the video games business reported a 5.4% drop in group sales for the 11 weeks to 10 January. By the close the stock was 30% lower. |
On the currency markets, the pound rose 0.5% against the dollar to $1.5235, and was up 0.25% against the euro at €1.2910. | On the currency markets, the pound rose 0.5% against the dollar to $1.5235, and was up 0.25% against the euro at €1.2910. |
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