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FTSE 100 follows US and Asian shares lower FTSE 100 falls as global sell-off resumes
(about 4 hours later)
(Open): The FTSE 100 fell nearly 2%, tracking losses in the US and Asia, but shares in Tesco jumped after it posted a rise in sales over Christmas. (Noon): The FTSE 100 fell more than 1% as the global share sell-off resumed, but shares in Tesco jumped after it posted a rise in sales over Christmas.
In early trade, the FTSE 100 index was down 116.59 points, almost 2%, at 5,844.38. The benchmark index was down 85.49 points, or 1.4%, at 5,875.48.
The sell-off followed big falls in US and Asian markets overnight as worries about prospects for the global economy continued. The sell-off followed big falls in US and Asian markets overnight as worries about prospects for the global economy continued and with oil prices remaining weak.
Tesco was a rare bright spot as its Christmas sales beat forecasts.Tesco was a rare bright spot as its Christmas sales beat forecasts.
Shares in Tesco rose 4.5% after its said UK sales rose 1.3% on a like-for-like basis over the six weeks to 9 January, with chief executive Dave Lewis describing its performance as "strong". Shares in Tesco were 4.1% higher after its said UK sales rose 1.3% on a like-for-like basis over the six weeks to 9 January, with chief executive Dave Lewis describing its performance as "strong".
Alton Towers owner Merlin Entertainment was the biggest faller in the FTSE 100, down 5.5%, after JP Morgan cut its rating for the leisure firm to "underweight" from "neutral".
In the wider market, investors continued to be rattled by falling commodity prices, with oil hitting fresh 12-year lows.In the wider market, investors continued to be rattled by falling commodity prices, with oil hitting fresh 12-year lows.
The price of Brent crude dropped to $29.73 a barrel at one point, having dipped below $30 on Wednesday.The price of Brent crude dropped to $29.73 a barrel at one point, having dipped below $30 on Wednesday.
Copper prices were also under pressure, with the price touching $4,330 a tonne - the lowest since May 2009.Copper prices were also under pressure, with the price touching $4,330 a tonne - the lowest since May 2009.
In the FTSE 250, shares in Home Retail Group were 2.7% higher, after the company said on Wednesday it was in advanced talks to sell its Homebase DIY chain to Australia's Wesfarmers for £340m. In the FTSE 250, shares in Argos owner Home Retail Group were down 1%. In a trading update released on Thursday, Home Retail said its full-year profit was now set to be at the bottom end of expectations.
In a trading update released on Thursday, Home Retail - which also owns Argos - said its full-year profit was now set to be at the bottom end of expectations. Late on Wednesday, the company had said it was in advanced talks to sell its Homebase DIY chain to Australia's Wesfarmers for £340m.
On the currency markets, the pound was up a tenth of a cent against the dollar at $1.4418, but was down three-fifths of a cent against the euro at €1.3184. Shares in Restaurant Group, which operates chains such as Chiquito and Frankie & Benny's, dived nearly 18% after it said a tougher trading environment meant it was "more cautious than previously on the outlook for 2016".
On the currency markets, the pound was down a tenth of a cent against the dollar at $1.4394, and was down one-fifth of a cent against the euro at €1.3230.