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FTSE 100 lower as oil price falls again FTSE 100 sinks more than 2% as mining stocks tumble
(about 3 hours later)
(Morning): UK shares were lower in morning trade as the price of oil fell back below $30 a barrel. UK shares fell again on Friday, with mining stocks dragging the market lower as the prices of oil and commodities continued to tumble.
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. The FTSE 100 was down 121.4 points, or 2.05% at 5,832.07.
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. Overnight, BHP Billiton announced it was writing down the value of its US shale assets by $7.2bn amid the collapse in oil prices.
Shares in oil companies were also lower, with BP down 1.7% and Royal Dutch Shell 1.5% lower. BHP Billiton shares dropped 6.3%. Among the other mining stocks, Anglo American fell 9.2% and Glencore slid 8.4%.
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. After a brief recovery on Thursday, oil prices fell again to hit fresh 12-year lows. The price of Brent crude dropped to $29.43 a barrel at one point, while US crude futures reached a low of $29.39.
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. The sell-off on the UK market followed another big fall in Chinese shares, with the Shanghai Composite dropping 3.5% on Friday.
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. Markets across Europe were lower, with Germany's Dax index down 1.7% while in France the Cac 40 dropped 1.6%.
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. Sterling falls
In London, shares in telecoms group BT fell 0.4% to 465.15p, 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 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 hit fresh five-and-a-half-year lows against the dollar after the release of weak UK construction data.
Official figures showed construction output in November fell by 0.5% compared with the month before, and was down 1.1% from a year earlier.
Sterling had already weakened earlier this week after industrial production figures showed a fall in output.
The pound slid to $1.4337 at one point, its lowest since May 2010, before recovering slightly. Against the euro, sterling fell by more than one euro cent to €1.3152.