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FTSE 100 dips as Glencore shares slide FTSE 100 dips as Glencore shares slide
(about 5 hours later)
(Noon): The London market slipped after Glencore shares were hit by its latest set of results. (Close): The London market slipped after Glencore shares were hit by its latest set of results.
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. Glencore's shares fell 3% to 184p after first-half profits fell to $300m, although the mining giant also said it would speed up the reduction of its debt pile.
Shortly before midday the FTSE 100 was 8.23 points lower at 6,860.28. At close the FTSE 100 was 32.73 points lower at 6835.78.
The world's largest advertising group, WPP, was having a better day, with its shares up by nearly 7%. The world's largest advertising group, WPP, was having a better day, with its shares up by nearly 1.89%.
WPP said sales in the first half of the year grew by a faster-than-expected 3.8%.WPP said sales in the first half of the year grew by a faster-than-expected 3.8%.
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%. Shares in housebuilders enjoyed another good day following Persimmon's upbeat results on Tuesday. Barratt Developments and Berkeley Group were up by 2.94% and 2.68% respectively.
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%. 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.
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. On the currency markets, the pound rose 0.2% against the dollar to $1.3226, and was 0.7% higher against the euro at €1.1757.