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FTSE 100 lower as Glencore shares plunge FTSE 100 lower as Glencore shares plunge
(about 3 hours later)
(Noon): Glencore shares plunged to record lows as worries grew over how the mining giant will cope with lower commodity prices. (Close): Glencore shares plunged to record lows as worries grew over how the mining giant will cope with lower commodity prices.
Shares in Glencore dived 23% to 75p, with a gloomy note from Investec being blamed for the steep fall. Shares in Glencore dived 29.4% to 68.6p, with a gloomy note from Investec being blamed for the steep fall.
The note said heavily indebted firms such as Glencore and Anglo American could see "almost all equity value eliminated" given low prices. The note said heavily indebted firms such as Glencore and Anglo American could see "almost all equity value eliminated" given low commodity prices.
The FTSE 100 dropped 92.63 points, or 1.5%, to 6,016.38. The FTSE 100 dropped 150.15 points, or 2.5%, to 5,958.86.
Other mining shares were also hit, with Anglo American down 8%, BHP Billiton 5.1% lower, and Rio Tinto falling 4.9%. Other mining shares were also hit, with Anglo American down 10.1%, BHP Billiton 6% lower, and Rio Tinto falling 4.8%.
Vodafone shares fell 3.8% after it announced it had scrapped talks with Liberty Global over an asset swap.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%. Speculation over the next moves for Liberty Global sent shares in ITV - in which Liberty Global increased its stake earlier this year - up 0.9%.
Brewing giant SABMiller rose 2.8% after a report in the Sunday Times said Anheuser-Busch InBev could bid about $106bn for the firm. Brewing giant SABMiller rose 1.3% 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 16% after it issued a profit warning. Among the smaller stocks, shares in Speedy Hire dived 15.5% 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 0.14% against the dollar to $1.5201, and gained 0.3% against the euro to €1.3598. On the currency markets, the pound rose 0.18% against the dollar to $1.5208, but fell 0.16% against the euro to €1.3536.