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FTSE 100 sinks to close under 6,000 points | |
(about 3 hours later) | |
(Close): The FTSE 100 index sunk 2.2% to close under 6,000 points - its seventh consecutive daily decline. | |
The FTSE 100 index fell 135.2 points to 5,952 - the lowest level since late September. | |
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, closed down a further 10.6%. | |
Packaging company Mondi, which has a South African division, fell 3.1%. | |
On the FTSE 250 index, Investec, which plunged on Thursday, lost a further 10.8% to 419p. | |
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 8% to 292.9p after Goldman Sachs cut its price target for the firm to 280p from 430p. | |
BHP Billliton closed 5.3% lower, while Shell shed 4.8%. | |
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 1.1% 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. | 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. |