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Oil stocks and miners drag down FTSE

Oil stocks and miners drag down FTSE

Mining and oil stocks have weighed on the FTSE 100 after copper prices fell and an International Energy Agency cut to oil demand forecasts hit Brent crude.

The UK blue-chip index fell 36 points, or 0.5%, to 7,378, with commodity stocks slumping to the bottom of the index. Miners in the red included:

  • Glencore (GLEN) -3.4% at 342.6p;
  • Anglo American (AAL) -2.6% at £14.18;
  • Rio Tinto (RIO) -1.9% at £35.25;
  • BHP Billiton (BLT) -1.8% at £13.63;
  • Antofagasta (ANTO) -1.7% at 932.5p.

They were joined by Shell (RDSb), down 1.2% at £24.44, and BP (BP), 1% lower at 498p, after a big fall in the oil price. 

The price of Brent crude was down 1% at $61.58 a barrel after a heavy fall yesterday, and is now down around 5% since hitting 2015 highs last week.

On the FTSE 250, shares in TalkTalk (TALK) slumped 10% to 170.6p after the broadband company issued a profit warning and cut its interim dividend by more than 50%.

It was joined at the bottom of the index by Crest Nicholson (CRST), 7.2% lower at 481.18p, as the house builder flagged weakness in central London property prices.

Among 'small cap' stocks, Fenner (FENR) jumped 9.2% to 368p as the engineering rim posted a 595 jump in underlying profit.

Premier Foods (PFD) was up 7.5% at 39.3p after strong first-half results.

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