Site icon Daily Business

FTSE 100 falls below 6,000 on oil plunge

London Stock ExchangeFri: The FTSE100 fell below 6,000 to close at 5,933 as Brent crude hit a seven-year low and investors anticipated a US interest rate rise next week.

Brent crude plunged 3.4% to $38.41 per barrel as the International Energy Agency forecast a global oversupply until late 2016.

Oil producers BG Group and Royal Dutch Shell were among the top fallers.

The pound rose 0.33% against the US dollar but was down 0.12% against the euro.

Glencore reversed some of yesterday’s gains made after it said it had increased its planned target of reducing debt and preserving capital.

Sportswear retailer Sports Direct extended its losses from the previous session, falling 1.1% after Goldman Sachs cut its target price on the stock. The shares fell 11% on Thursday following disappointing first-half results.

Bellway rallied after saying it expects total completions and average selling prices to rise in the full year as it reported an “excellent” start to the current financial year.

Exit mobile version