FTSE 100 Retreats for Second Day With Oil as Man Group Plungesby
Britain’s stocks fell for a second day amid a slump in mining and energy stocks and as a sliding oil price prompted investors to favor haven assets.
Standard Chartered Plc dropped 3.2 percent, plunging for a second day to reach a 2012 low, after Bank of America Corp. cut the stock’s rating to neutral. BHP Billiton Ltd., Anglo American Plc and Glencore Plc paced miners lower for a second day, making the industry again the worst performing in Europe. Royal Dutch Shell Plc fell 1.6 percent, tracking a gauge of energy-related companies lower. Man Group Plc, the world’s largest publicly traded hedge fund firm, slumped 7.4 percent, the most since 2013, after 2015 profit fell.
Persimmon Plc rose 2.3 percent after UBS AG recommended buying the shares of the U.K.’s biggest homebuilder by market value.
The FTSE 100 Index lost 1.6 percent to close at 5,867.18 in London, extending this year’s drop to 6 percent. The broader FTSE All-Share Index fell 1.4 percent today, while Ireland’s ISEQ Index retreated 1 percent.