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FTSE 100 slides as mining stocks fall FTSE 100 dips as Glencore shares slide
(about 3 hours later)
(Open): The London market slipped in early trade, with Glencore shares dropping after its latest results. (Noon): The London market slipped after Glencore shares were hit by its latest set of results.
Glencore's shares fell 2.6% to 184.90p after first-half profits fell to $300m, although the mining giant also said it would speed up the reduction of its debt pile. Glencore's shares fell 4.7% to 180.80p after first-half profits fell to $300m, although the mining giant also said it would speed up the reduction of its debt pile.
The FTSE 100 index was 19.22 points lower at 6,849.29. Shortly before midday the FTSE 100 was 8.23 points lower at 6,860.28.
South African-focused stocks were hit after the country's currency, the rand, fell sharply. The world's largest advertising group, WPP, was having a better day, with its shares up by nearly 7%.
The rand was hit by rumours that South Africa's finance minister, Pravin Gordhan, may face charges in relation to an alleged rogue unit at the state tax revenue service. WPP said sales in the first half of the year grew by a faster-than-expected 3.8%.
Old Mutual was the biggest faller on the FTSE 100, down 3%, while Mediclinic International fell 2%. Shares in housebuilders enjoyed another good day following Persimmon's upbeat results on Tuesday. Barratt Developments and Berkeley Group were both up by about 3%.
The world's largest advertising group, WPP, was having a better day. Its shares rose nearly 5% after its sales in the first half of the year grew by a faster-than-expected 3.8%. South African-focused stocks fell after the country's currency, the rand, was hit by rumours that South Africa's finance minister, Pravin Gordhan, could face charges in relation to an alleged rogue unit at the state tax revenue service. Shares in Old Mutual dropped 3.8% while Mediclinic International fell 2%.
In the currency markets, the pound dipped slightly against the dollar to $1.3191, but edged up 0.1% against the euro at €1.1679. On the currency markets, the pound rose 0.3% against the dollar to $1.3242, and was 0.6% higher against the euro at €1.1741.