Anglo American share price tanks

Jessica Morris
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(FILE) A couple of gigantic Komatsu 930,
Anglo American was the worst performer on Britain's blue-chip index last year (Source: Getty)

Anglo American was one of the worst performer on the FTSE 100 today, with its shares tumbling to a new record low after a brief but brutal trading session in China pounded global commodity prices.

Anglo tumbled as much as 12 per cent at 238.15p per share in late morning trade. The fall takes the embattled miner's losses to around 20 per cent this year.

It has suffered amid falling commodity prices, depressed by waning demand from the slowing Chinese economy. Last year, Anglo was forced to suspend its dividend and lay off around 60 per cent of its workforce to weather the rout.

In the early hours of this morning, trading on China's stock markets was suspended after just 870 seconds, following a seven per cent sell-off of its blue-chip CSI 300 index.

The market turmoil was sparked by the central bank's surprise decision to set the official midpoint rate of the renminbi at 6.5646 per dollar, its lowest level since March 2011, stoking fears about the strength of the Chinese economy.

Anglo American Anglo American | mobile image

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