FTSE 100 Follows Global Stock Drop; BP Sinks on Earnings Plungeby
Britain’s stocks extended their February drop, falling a second day, after completing a third straight month of declines.
The FTSE 100 Index lost 2.3 percent to close at 5,922.01 in London, following global shares lower as oil extended this week’s slump. U.K. shares have been hit by the rout in energy and commodity producers, with the benchmark dropping 2.5 percent in January and reaching its lowest level since 2012.
Miners and oil stocks led the retreat, with Anglo American Plc, BHP Billiton Ltd. and Royal Dutch Shell Plc falling at least 4.3 percent. BP Plc sank 8.7 percent after reporting a 91 percent decline in fourth-quarter earnings. Hikma Pharmaceuticals Plc jumped 3.3 percent after Bank of America Corp. recommended buying the shares. J Sainsbury Plc gained 2.4 percent after agreeing to buy Home Retail Group Plc for about 1.3 billion pounds ($1.9 billion), handing the British supermarket chain control over hundreds of shops selling everything from jewelry to televisions.
Trading in FTSE 100 shares today was about 35 percent greater than the 30-day average. The broader FTSE All-Share Index fell 2 percent, while Ireland’s ISEQ Index retreated 1.4 percent.