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FTSE 100 slide continues but Glencore shares rebound FTSE 100 falls, with Wolseley hit by weaker revenue outlook
(about 4 hours later)
(Open): UK shares fell more than 1% in early trade as the global sell-off in equities showed little sign of abating. (Noon): The London market was trading lower, with shares in plumbing supplies firm Wolseley down sharply after it cut its revenue growth forecast.
After falling 2.5% on Monday when mining shares fell sharply, the FTSE 100 dropped 47.48 points to 5,911.38.
Glencore staged a slight recovery, rising 8.6%, after diving 30% on Monday on worries over its financial future.
Its shares had been hit by a note from Investec which said almost all equity value could be "eliminated" at Glencore if commodity prices stay low.
Other mining shares also rose, with Anglo American up 1.9% and Rio Tinto 1.1% higher.
Shares in plumbing supplies firm Wolseley shares fell 9.3% after it cut revenue forecasts.
The company said underlying revenues for the six months to the end of January were set to grow by 4%, down from an earlier estimate of 6%.The company said underlying revenues for the six months to the end of January were set to grow by 4%, down from an earlier estimate of 6%.
It also reported a big drop in full-year profits to £508m for the year to 31 July, down from £676m a year earlier. Shares in Wolseley were down 11.8% by midday, with the FTSE 100 falling 23.27 points to 5,935.59.
Shares in Glencore staged a slight recovery, rising 4%.
On Monday, the mining company's shares had dived 30% after a note from Investec said almost all its equity value could be "eliminated" if commodity prices stay low.
However, on Tuesday, other analysts said the sell-off in Glencore may have been overdone.
Among the smaller companies, shares in menswear retailer Moss Bros rose 6% after it said half-year profits rose 44% to £2.8m.
On the currency markets, the pound rose 0.05% against the dollar to $1.5181, but fell 0.22% against the euro to €1.3467.On the currency markets, the pound rose 0.05% against the dollar to $1.5181, but fell 0.22% against the euro to €1.3467.