U.K. Stocks Drop With FTSE 100 Posting Worst Streak Since Augustby
U.K. stocks extended a six-day slump to reach a September low, with all but three stocks in the FTSE 100 Index falling.
Old Mutual Plc tracked a slump in the South African rand, plunging for a second day to post its worst week since 2009. The company gets 71 percent of revenue from southern Africa. Anglo American Plc fell 8.1 percent, taking its weekly drop to 22 percent. BHP Billiton Plc and Rio Tinto Plc also fell. Burberry Group Plc fell for a fourth day, declining 2.9 percent after Societe Generale SA cut its European luxury estimates and price targets.
The FTSE 100 declined 2.2 percent to 5,952.78 at the close in London. The broader FTSE All-Share Index dropped 2 percent, while Ireland’s ISEQ Index lost 0.9 percent.