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FTSE 100 suffers worst day of 2015 so far
The FTSE 100 index fell sharply on Tuesday in its worst day of 2015 so far, as energy stocks plummeted on the back of further falls in the oil price.
The index closed 2.5% lower on the day at 6,702, pushed down by oil and mining stocks, as the price of Brent crude resumed its downward slide.
The biggest fallers in the index were BG and Tullow Oil, down as much as 6.6% and 6.4% respectively. Antofagasta and Anglo American closely followed with falls of 5.2% and 4.8%.
Financial stocks also weighed on the index, with Prudential falling 3%, after it emerged the group’s CEO Tidjane Thiam is leaving to head Credit Suisse.
However, the stock price of Credit Suisse soared on the news of the new appointment, its listing on the SIX Swiss Exchange up nearly 8% by the end of the day.
Other financials were also down: Aberdeen Asset Management fell 3.2% as Berenberg bank issued a ‘sell’ rating on the stock, while Hargreaves Lansdown’s share price dropped 3.5%.
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Of the 100 blue-chip stocks in the index, only four stocks finished the day in positive territory: Standard Life, Shire, easyJet and BAE Systems.
On Wednesday the FTSE was 0.3% higher in early trading at 6,722.
Meanwhile, other global indices were also down across the board.
In Europe, the Euro Stoxx 50 fell 1%; the Shanghai Composite and Hong Kong’s Hang Seng were also down 0.5% and 1% respectively, and the Japanese Nikkei fell 0.7%.
In the US, the S&P 500 slid 1.7% to 2,044 and the Dow Jones was down 1.85%, as the US dollar rose to its highest level since 2003 against a basket of currencies on renewed prospects of an imminent rate hike by the Federal Reserve.