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FTSE 100 drops below 6,000 mark | |
(about 2 hours later) | |
(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 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 10.2%. | |
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 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 2.2% on Friday. | |
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. |