Britain's Stocks Advance as Randgold Rallies After Earningsby
U.K. stocks tumbled in line with global equities, falling for a second day with almost all FTSE 100 Index members retreating.
The FTSE 100 dropped 2.7 percent at the close of trading in London, after earlier rising as much as 0.6 percent. More than 90 of its shares dropped, mirroring declines in European equities amid continued volatility in oil. Rolls-Royce Holdings Plc lost 2.7 percent after a report that it will cut its dividend.
Randgold Resources Ltd. jumped 13 percent to a three-year high after saying strong cash flows from operations boosted cash on hand and proposing a higher dividend. Anglo American Plc and Rio Tinto Group also gained as U.K. miners bucked the trend to advance for a fourth day.
The benchmark gauge for U.K. stocks has fallen 8.9 percent this year, less than the regional Stoxx Europe 600 Index. The broader FTSE All-Share Index lost 2.7 percent on Monday, while Ireland’s ISEQ Index slipped 5.4 percent.
Imagination Technologies Group Plc dropped 1.9 percent, paring losses of as much as 18 percent, after forecasting a “material reduction” in sales and profitability for the full year.