U.K. Stocks Drop Second Day as Miners Plunge to Lowest Since ’09

Updated on

A slump in miners and ARM Holdings Plc sent U.K. stocks to their biggest decline since July 7.

BHP Billiton Ltd. plunged the most since 2011, losing 5.7 percent after saying that petroleum, copper and coal output will drop in fiscal 2016. A gauge tracking mining companies retreated 4.6 percent to the lowest level in six years as commodities resumed a decline. ARM tumbled 6.6 percent, its biggest drop since 2013, after reporting sales that missed analysts’ estimates and as Apple Inc., which uses its chip technology, sold fewer-than-estimated iPhones.

The FTSE 100 Index declined 1.5 percent to 6,667.34 at the close of trading in London for the biggest slide among western-European markets. The broader FTSE All-Share Index lost 1.3 percent, while Ireland’s ISEQ Index gained 0.8 percent.

EasyJet Plc climbed 4.9 percent after saying sales in the summer period are recovering and pretax profit for the fiscal year is set to increase by as much as 14 percent. Peer International Consolidated Airlines Group SA advanced 1.7 percent.

The Bank of England, which released the minutes of its July Monetary Policy Committee on Wednesday, said a growing number of policy makers have become concerned about rising inflation pressures, indicating building momentum toward the first rate increase in eight years.