In the UK the FTSE 100 dropped 77 points, or 1.4%, to 5,265.2, its lowest closing price for six weeks. The fall was paced by oils and miners on concerns the rising trend in commodity prices may stall after a warning on oil output from BHP Billiton.
Shares in the Anglo-Australian miner and oil producer fell 38.50p, or 4.6%, to 804p after it said net oil and gas production could be as much as 8% down from previous 2006 guidance, partly due to damage from hurricanes Katrina and Rita. Cairn Energy also performed badly dropping 119p, or 6.49%, to 1716p, as news emerged that four of its top executives have sold huge chunks in the group. Antofagasta was another loser as it fell 74p, or 4.81%, to 1463p. There were few risers today though food groups seemed to make up most of the bullish stocks. Associated British Foods led the way with a ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes