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FTSE 100 steady despite slide in Asian markets FTSE 100 lower as oil price falls again
(about 2 hours later)
(Open): The FTSE 100 share index held steady in early trade, despite further falls in Asian markets overnight. (Morning): UK shares were lower in morning trade as the price of oil fell back below $30 a barrel.
The UK's benchmark index was down 8.65 points at 5,909.58, with mining shares proving the biggest drag as commodity prices remained under pressure. The FTSE 100 was down 40.08 points, or 0.7%, at 5,878.15, with mining shares proving the biggest drag on the index.
Anglo American shares fell 7.8% and BHP Billiton dropped 4.6%. Earlier, BHP announced it was writing down the value of its US shale assets by $7.2bn. Anglo American shares fell nearly 10% and BHP Billiton dropped 5.9%. Earlier, BHP announced it was writing down the value of its US shale assets by $7.2bn.
In the FTSE 250, Moneysupermarket shares dived nearly 10%. Shares in oil companies were also lower, with BP down 1.7% and Royal Dutch Shell 1.5% lower.
Investors were rattled by a larger-than-expected fall in sales in the company's insurance unit during the fourth quarter, with revenues down 10%. After a brief recovery on Thursday, oil prices headed lower again. The price of Brent crude dropped to $29.73 a barrel at one point, while US crude futures fell to $29.75.
On the currency markets, the pound fell three-tenths of a cent against the dollar to $1.4383, and slid seven-tenths a euro cent against the euro to €1.3201. Shares in telecoms group BT were unchanged at 467p, despite the Competition and Markets Authority giving final clearance to BT's takeover of mobile phone firm EE.
In the FTSE 250, shares in Moneysupermarket fell by nearly 9% after investors were rattled by a larger-than-expected fall in sales in the company's insurance unit during the fourth quarter. Revenues in the insurance business were down 10% compared with a year earlier.
On the currency markets, the pound fell three-fifths of a cent against the dollar to $1.4349, and dropped by more than one euro cent against the euro to €1.3162.