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FTSE 100 falls as global sell-off resumes | FTSE 100 falls as global sell-off resumes |
(about 4 hours later) | |
(Close): The FTSE 100 closed 0.7% lower, but shares in Tesco jumped after it posted a rise in sales over Christmas. | |
The benchmark index bounced off lows to close down 42 points at 5,918, | |
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. | 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 ended 6% higher after it 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". | |
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, but closed 0.7% higher at $30.48 a barrel. | |
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 Argos owner Home Retail Group rose 2.2%. 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. | |
Late on Wednesday, the company had said it was in advanced talks to sell its Homebase DIY chain to Australia's Wesfarmers for £340m. | Late on Wednesday, the company had said it was in advanced talks to sell its Homebase DIY chain to Australia's Wesfarmers for £340m. |
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". | 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 little changed against the dollar at $1.441, and was up a fifth of a euro centt against the euro at €1.3264. |