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London shares behind in midday trade Biggest fall this year for FTSE 100
(about 5 hours later)
(Noon): Leading shares were behind in midday trade in London on Tuesday. (Close): Shares in London recorded the biggest one-day fall of the year, hit by sharp losses for energy firms.
In lunchtime trading the FTSE 100 stood down 96 points, or 1.40%, at 6779.96. The FTSE 100 closed 2.5% lower at 6,702. BG Group fell 7.4% and Tullow Oil lost 7%, after a 3.5% fall in the price of crude oil.
Security firm G4S was the biggest gainer, up by 2.7% after announcing a return to profit, after winning overseas contracts. Goldman Sachs said oil prices would reverse recent gains as global reserves of oil continue to increase.
Other winners included Standard Life, Schroders, Shire, and Dixons Carphone. Supermarket chain Morrisons, which had been an early gainer, fell back by midday. Prudential was down by 3%, after announcing that boss Tidjane Thiam was to leave the insurance giant.
Engineering firm Weir Group was down by 3.5%, after having gained more than 4% the day before. He is leaving to take over as chief executive at investment bank Credit Suisse.
Meanwhile, the Prudential was down by 2.62%, after saying that boss Tidjane Thiam was to leave the insurance giant to take the top job at Credit Suisse. G4S lost 1.7% despite announcing a return to profit, after winning overseas contracts.
Other big fallers were energy firms Tullow Oil, down 7.28%, BG Group, J Sainsbury, and BHP Billiton. Engineering firm Weir Group was down by 3.3%, after having gained more than 4% the day before.
In currencies, the pound was down 0.55% against the dollar at $1.5047. The pound had a strong day. It gained 1% against the euro, trading as high as €1.4091, the highest level in more than seven years.
Against the euro it was up 0.52% at €1.4016. Against the dollar it was 0.2% lower at $1.5094.