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FTSE 100 slides as Old Mutual shares hit FTSE 100 slides as South African-exposed firms hit
(about 3 hours later)
The UK market opened lower, with South African-exposed shares hit after the country's finance minister was sacked.The UK market opened lower, with South African-exposed shares hit after the country's finance minister was sacked.
The removal of Pravin Gordhan after days of speculation sent South Africa's rand lower. Shares in insurer Old Mutual, which has significant interests in South Africa, fell nearly 7%. The removal of Pravin Gordhan after days of speculation sent South Africa's currency, the rand, lower.
Old Mutual was the biggest faller in the FTSE 100, with the benchmark share index down 22.43 points at 7,347.09. Insurer Old Mutual, which has significant interests in South Africa, fell more than 6%, making it the biggest faller on the FTSE 100,
Direct Line shares rose 3.3% after a couple of broker upgrades. Overall, the benchmark share index was down 38.48 points, or 0.5%, at 7,331.04 by mid-morning.
Other companies with exposure to South Africa's economy were also affected, with packaging firm Mondi down 2.2% and miner Anglo American dropping 3.8%.
Direct Line was the biggest riser in the FTSE 100, climbing 3.3%, after a couple of broker upgrades.
HSBC raised its rating on the UK insurance group to "buy", while it was lifted to "overweight" at JP Morgan.HSBC raised its rating on the UK insurance group to "buy", while it was lifted to "overweight" at JP Morgan.
Among the smaller firms, John Menzies saw its shares jump 7.6% after it said it was in talks with DX Group over the possible combination of DX and John Menzies' distribution unit. In the FTSE 250, shares in challenger bank Shawbrook soared nearly 10% after it received an £842m takeover offer from private equity firms Pollen Street Capital and BC Partners. Shawbrook has rejected the offer.
On the currency markets, the pound dipped 0.1% against the dollar to $1.2458, while against the euro it fell 0.3% to 1.1655 euros. John Menzies saw its shares jump 8.7% after it said it was in talks with DX Group over the possible combination of DX and John Menzies' distribution unit.
On the currency markets, the pound fell 0.3% against the dollar to $1.2436, while against the euro it dropped 0.2% to 1.1657 euros.