Dollar exposure drives FTSE down

GlaxoSmithKline fell 15p to 1,120 on the news, which means profit from sales in its biggest market will drop in sterling terms. BP dropped 5.5p to 542p. BHP Billiton fell 4p to 616p even as Arcelor, the world’s biggest steel maker, said it expected coking coal prices to rise 80% in 2005. Miners price their commodities in dollars on the global market, which means a falling dollar hurts profit in terms of other currencies, while increasing costs that have to be paid in local currencies such as the rand. Sainsbury gained 2.25p to 264.25p after consumer groups urged regulators to limit...