Anglo Falls Most in Two Weeks to Lead Losses Among Mining Stocksby
Anglo rallied 24% in five sessions before Christmas break
U.K. mining index declines as Rio Tinto, Vedanta fall
Anglo American Plc fell the most in two weeks, ending a five-day, 24 percent rally in shares of the world’s biggest platinum and diamond producer.
Anglo lost as much as 8 percent in London, the most since Dec. 11, and posted the largest retreat among stocks in the FTSE 100 Index, the U.K.’s equity benchmark. The 13-member FTSE 350 Mining Index slid 1.1 percent.
The Bloomberg Commodity Index, a measure of investor returns in raw materials, is heading for the worst annual decline since 2008 after demand slowed from China and helped create a glut in everything from oil to aluminum. Anglo shares have plunged 73 percent this year.
Anglo rallied in the five trading sessions before U.K. markets closed for the Christmas holiday as prices for industrial metals and oil rebounded. The company announced plans earlier this month to cut by more than half the number of mines it owns and eventually lower employee numbers to 50,000, from 135,000.
Anglo lost 6.4 percent, closing at 307.20 pence in London. Vedanta Resources Plc fell 2.7 percent, while Rio Tinto Group declined 1.6 percent.