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FTSE 100 lower as Glencore shares plunge FTSE 100 lower as Glencore shares plunge
(about 3 hours later)
(Open): Glencore shares fell further as worries grew over how the mining giant will cope with lower commodity prices. (Noon): Glencore shares plunged to record lows as worries grew over how the mining giant will cope with lower commodity prices.
Earlier this month, Glencore announced plans to cut debts, but its shares dropped more than 8% to about 89p, with investors citing a downbeat note from Investec. Shares in Glencore dived 23% to 75p, with a gloomy note from Investec being blamed for the steep fall.
The FTSE 100 index was down 22.93 points at 6,086.08. The note said Glencore, and fellow miner Anglo American, could see "almost all equity value eliminated" given low prices.
Vodafone shares fell 3.6% after it announced it had scrapped talks with Liberty Global over an asset swap. The FTSE 100 dropped 92.63 points, or 1.5%, to 6,016.38.
Speculation over the next moves for Liberty Global sent shares in ITV - in which Liberty Global increased its stake earlier this year - up 1.4%. Other mining shares were also hit, with Anglo American down 8%, BHP Billiton 5.1% lower, and Rio Tinto falling 4.9%.
Brewing giant SABMiller rose 3.9% after a report in the Sunday Times said Anheuser-Busch InBev could bid about $106bn for the firm. Vodafone shares fell 3.8% after it announced it had scrapped talks with Liberty Global over an asset swap.
Speculation over the next moves for Liberty Global sent shares in ITV - in which Liberty Global increased its stake earlier this year - up 1%.
Brewing giant SABMiller rose 2.8% after a report in the Sunday Times said Anheuser-Busch InBev could bid about $106bn for the firm.
AB InBev said earlier this month that it had made a takeover approach for SABMiller, raising the prospect of a tie-up between the world's two largest beer companies.AB InBev said earlier this month that it had made a takeover approach for SABMiller, raising the prospect of a tie-up between the world's two largest beer companies.
Among the smaller stocks, shares in Speedy Hire dived 12% after it issued a profit warning. Among the smaller stocks, shares in Speedy Hire dived 16% after it issued a profit warning.
The tool, equipment and plant hire services firm said it had made a "disappointing start" to the current financial year, and profits were set to be "materially below current market expectations".The tool, equipment and plant hire services firm said it had made a "disappointing start" to the current financial year, and profits were set to be "materially below current market expectations".
On the currency markets, the pound rose 0.32% against the dollar to $1.5228, and gained 0.345% against the euro to €1.3604. On the currency markets, the pound rose 0.14% against the dollar to $1.5201, and gained 0.3% against the euro to €1.3598.