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Biggest fall this year for FTSE 100 FTSE 100 index inches back up
(1 day later)
(Close): Shares in London recorded the biggest one-day fall of the year, hit by sharp losses for energy firms. (Close): Shares on the FTSE 100 have risen in late trading to finish the day 0.28% higher at 6,721.51.
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. The London blue chip index partially clawed back its 2.5% loss of the previous day when the falling oil price sent energy stocks tumbling.
Goldman Sachs said oil prices would reverse recent gains as global reserves of oil continue to increase. Power firm Aggreko led the gainers with a 3.76% rise to 1,572p.
Prudential was down by 3%, after announcing that boss Tidjane Thiam was to leave the insurance giant. Royal Mail gained 3.6% to 437.6p after speculation that the government could step in to protect postal users if necessary.
He is leaving to take over as chief executive at investment bank Credit Suisse. Coca-Cola lost 2.33% of its value. Sports Direct's shares slid 1.94% to 657p a share.
G4S lost 1.7% despite announcing a return to profit, after winning overseas contracts. Sterling fell 0.72% against the dollar and 0.3% against the struggling euro, making one euro worth 71p.
Engineering firm Weir Group was down by 3.3%, after having gained more than 4% the day before. The Brent crude oil price rose 1.2% on the day to $57.12.
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 dollar it was 0.2% lower at $1.5094.