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FTSE slips on oil price; Garrett-Cox sells Alliance

Katherine Garrett-CoxMon: The FTSE 100 plunged to a three-year low on lower oil prices and as investors looked ahead to a US interest rate rise on Wednesday.

The index closed down 1.32% at 5,874.06 points.

Brent crude was 1.7% lower at $37.28 per barrel while West Texas Intermediate recovered 0.2% to $35.70 per barrel after dipping below $35.

UK stocks rose early in the session after better-than-expected Chinese data on industrial production and retails sales over the weekend.

In company news, Old Mutual rebounded after last week’s losses due to political issues in South Africa. It is expected that Old Mutual Wealth will be floated.

Royal Dutch Shell fell after saying was axing 2,800 staff as part of its merger with BG after clearing its last international regulatory hurdle.

Former Alliance Trust chief executive Katherine Garrett-Cox (pictured) and her husband Jeremy have made £1.5 million selling shares in the Dundee company while Elliott Capital, the investment trust’s hostile shareholder, has raised its stake.

The couple sold 305,683 shares at 493p each on Friday, halving the number of shares directly in Katherine Garrett-Cox’s control. More than one million shares are held in an employee benefit trust for her, giving her an overall stake of 0.25%.

Two months ago Mrs Garrett-Cox was demoted to chief executive of Alliance Trust Investments, the fund manager subsidiary which currently has the contract to run its £2.8 billion of assets.

Alliance Trust shares recently peaked at 517p at the start of this month having recovered from 451p at the end of September. They have since slipped back to 484p. With dividends included, shareholders have had a total return of 4.5%, ahead of a 3.4% fall in the FTSE All Share.

Elliott has lifted its stake to just over 15%.

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