DFMs warn against panic selling as FTSE enters bear territory

The UK blue chip index closed at 5,685, more than 20% below its intra-day peak of 7,122 in April last year following the oil price crash. Commodities companies were particularly badly hit as the oil price fell below $28 a barrel, pushing the FTSE 100 down 3.6% on the day. Oil giant Shell was among the losers as fourth quarter results revealed its profits had been hit by the oil price crash, causing shares to dive 4.4% to £13.05. Glencore was the worst performer, losing 6.3%, followed by Anglo American, which was down 6%, and BHP Billiton, 5.5% lower. Commenting on the move into ...