FTSE 100 lower on worries over global economy

The UK’s blue chip index opened lower this morning, with concerns over the health of the global economy and falling metal prices dragging shares down.

Russian oil and gas company Ruspetro led the fallers, shedding 8.41 per cent in early trading as investors reacted negatively to news that it swung to a loss in the first half of this year.

Fellow Russian oil firm Exillon Energy fell by 3.65 per cent.

Commodities giant Glencore followed, losing 3.56 per cent in early trading, following rumours that the Norwegian sovereign wealth fund could follow Qatar in opposition to its mega-merger with Xstrata. A fall in copper prices also weighed on losses.

Elsewhere, publishing group Trinity Mirror shed 5.3 per cent.

The risers were a mixed bag this morning. Development Securities was the biggest riser, up by 4.44 per cent.

Retailers had a good morning, with fashion chain Laura Ashley up 3.37 per cent and JD Sports up 1.84 per cent.

Car dealership firm Lookers was up by 2.82 per cent.

After tumbling on the index yesterday thanks to a profit warning, Chemring clawed back some gains and was up by 2.81 per cent this morning.

UK financials had a tough morning. HSBC was down 0.52 per cent, RBS shed 0.61 per cent and Barclays brought up the rear, losing 1.16 per cent. Only Lloyds Banking Group was up, by 0.95 per cent.

In Asia, the Nikkei closed up 0.4 per cent and in the US, the Dow Jones closed down 0.17 per cent.