Steep losses for miners pulled the FTSE below 4,250 on Tuesday as lower crude prices continued to hit oil producers.
Kazakhmys was approaching a 9% drop just an hour after the start of trading while Xstrata was nursing a near 7% drop. Earlier on Tuesday, Shell, Europe's biggest oil producer, lost 1.7%, while BP, the continent's second biggest, slid 1%. Crude traded above $41.50 when UK markets shut yesterday but is now trading below $40 a barrel. Elsewhere, telecommunications giant Cable & Wireless lost more than 6% while the standout early winner was Morrison Supermarkets, up more than 16% on reports it is now the fastest growing among its rivals. At shortly before 9am, the FTSE had dropped more th...
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