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FTSE 100 set to fall for seventh session | |
(about 4 hours later) | |
(Noon): The UK market was on track to finish lower for the seventh session in a row as miners and South African-related stocks weighed on the FTSE. | |
The FTSE 100 index was down 68.11 points, or 1.1%, at 6,088.05. | |
Firms with interests in South Africa continued to suffer after the rand hit a record low following the sacking of the country's finance minister. | Firms with interests in South Africa continued to suffer after the rand hit a record low following the sacking of the country's finance minister. |
Financial services group Old Mutual, which fell nearly 11% on Thursday, was down a further 7.6%. | |
In addition, packaging firm Mondi, which has a South African division, fell 2.8%. | |
Mining shares continued their recent dismal run, with commodity prices hitting multi-year lows this week. | |
Shares in Anglo American, which announced a huge restructuring programme on Tuesday, fell a further 4.7% to 303.55p after Goldman Sachs cuts its price target for the firm to 280p from 430p. | |
Goldman Sachs also cut its price target for Sports Direct. The retailer's shares had dived 11% on Thursday after its half-year results fell short of expectations, and they were down a further 1% on Friday. | |
On the currency markets, the pound fell 0.1% against the dollar to $1.5151, and was down 0.35% against the euro at €1.3810. |