FTSE extends falls after commodities drag down index - London Report

The UK mining index fell 3.1 per cent (Source: Getty)
Shares linked to the economic cycle gave up ground yesterday over concerns on growth in some countries and an oversupplied commodity market.

The blue-chip FTSE 100 index fell 0.8 per cent to 6,365.27 points, its big­gest daily loss in almost two weeks.

Investors avoided strong bets ahead of the outcome of a two-day Federal Reserve meeting, which started yesterday, at which the US central bank is expected to leave rates unchanged. “There does seem to be a certain amount of pause for breath ahead of the meeting this week,” Brenda Kelly, head analyst at London Capital Markets, said, adding she exp­ected markets to rally if the Fed did not raise rates.

The UK mining index fell 3.1 per cent, with BHP Billiton, Anglo Amer­ican, Rio Tinto, Antofagasta and Glencore down 2.2 to 5.7 per cent.

Shares in TalkTalk shot up 13.2 per cent following news a youth was arrested – and subsequently bailed – in Northern Ireland on Mon­day in connection with a huge cyber attack on the mid-cap telecoms provider.

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