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FTSE 100 slides as South African-exposed firms hit FTSE 100 slides as South African-exposed firms hit
(about 5 hours later)
The UK market was trading lower, with companies with business interests in South Africa hit after the country's finance minister was sacked. The London market ended lower, with companies with business interests in South Africa hit after the country's finance minister was sacked.
The removal of Pravin Gordhan after days of speculation sent South Africa's currency, the rand, lower.The removal of Pravin Gordhan after days of speculation sent South Africa's currency, the rand, lower.
Insurer Old Mutual, which has significant interests in South Africa, fell 8% in response. Insurer Old Mutual, which has significant interests in South Africa, fell 7.5% in response.
The benchmark FTSE 100 share index was down 41.13 points, or 0.6%, at 7,328.39 by midday. The benchmark FTSE 100 share index was down 46.6 points, or 0.63%, at 7,322.92 by the end of the day.
Other companies with exposure to South Africa's economy were also affected, with packaging firm Mondi down 2%. Other companies with exposure to South Africa's economy were also affected, with private hospital group Mediclinic International falling 6.19%.
Direct Line was the biggest riser in the FTSE 100, climbing 3%, after a couple of broker upgrades. Miners also weighed on the index as metal prices fell, with Anglo American down 3.4% and BHP Billiton losing 2.9%.
Direct Line was one of the better performers in the FTSE 100, climbing 1.8%, 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.
In the FTSE 250, shares in challenger bank Shawbrook soared 10% after it received an £842m takeover offer from private equity firms Pollen Street Capital and BC Partners. Shawbrook has rejected the offer. In the FTSE 250, shares in challenger bank Shawbrook soared 11.5% after it received an £842m takeover offer from private equity firms Pollen Street Capital and BC Partners. Shawbrook has rejected the offer.
John Menzies saw its shares jump 7.3% 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 climbed 0.54% against the dollar to $1.2536, while against the euro it rose 0.27% to 1.1717 euros.
On the currency markets, the pound dipped 0.1% against the dollar to $1.2458, while against the euro it dropped 0.2% to 1.1660 euros.