U.K. Stocks Drop Most Since October as Miners, Prudential TumbleInyoung Hwang
Commodity stocks dragged U.K. stocks to their biggest drop in five months, while Prudential Plc slumped after the bank’s chief executive officer jumped to the top job at Credit Suisse Group AG.
Prudential slipped 3 percent. Credit Suisse said Prudential CEO Tidjane Thiam will leave to join the Swiss lender, replacing Brady Dougan. Commodity producers also weighed on the FTSE 100 Index. Tullow Oil Plc and Royal Dutch Shell Plc fell at least 4 percent, while miners Antofagasta Plc and Anglo American Plc tumbled 5 percent or more.
The FTSE 100 fell 2.5 percent to 6,702.84 at the close in London. The benchmark gauge has lost 3 percent in the three days since reaching a record 6,961.14 on March 5. The broader FTSE All-Share Index declined 2.2 percent while Ireland’s ISEQ Index lost 1 percent.
Ocado Group Plc added 1.5 percent after the U.K.’s largest online-only food retailer posted first-quarter sales that topped analysts’ estimates.