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FTSE 100 lower as Sports Direct falls further FTSE 100 set to fall for seventh session
(about 4 hours later)
(Open): The UK market opened lower, with shares in Sports Direct down again after Goldman Sachs cut its price target for the firm's shares. (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.
In the first few minutes of trade, the FTSE 100 fell 19.26 points to 6,088.05. The FTSE 100 index was down 68.11 points, or 1.1%, at 6,088.05.
After falling 11% on Thursday, shares in Sports Direct were down a further 2.6% at 577p.
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 6%, while packaging group Mondi dropped 2.7%. Financial services group Old Mutual, which fell nearly 11% on Thursday, was down a further 7.6%.
On the currency markets, the pound was flat against the dollar at $1.5159, and was down 0.2% against the euro at €1.3833. 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.