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FTSE 100 set to fall for seventh session FTSE 100 drops below 6,000 mark
(about 2 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. (14:30 update): The FTSE 100 index dropped below 6,000 in afternoon trading as it headed towards its seventh consecutive negative day.
The FTSE 100 index was down 68.11 points, or 1.1%, at 6,088.05. The FTSE 100 index was down 108.3 points, or 1.78%, at 5,979.8.
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%. Financial services group Old Mutual, which fell nearly 11% on Thursday, was down a further 10.2%.
In addition, packaging firm Mondi, which has a South African division, fell 2.8%. In addition, packaging firm Mondi, which has a South African division, fell 3.7%.
Mining shares continued their recent dismal run, with commodity prices hitting multi-year lows this week.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. Shares in Anglo American, which announced a huge restructuring programme on Tuesday, fell a further 7.2% to 295.8p after Goldman Sachs cut 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. 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 2.2% 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. On the currency markets, the pound rose half a cent against the dollar to $1.5214, and was down a fifth of a cent against the euro at €1.3843.