U.K. Shares Drop First Time in Three Days as Miners, Next Slideby
BHP Billiton, Rio Tinto fall as iron ore prices retreat
Next warns it could face toughest year for sales since 2008
U.K. stocks fell for the first time in three days, with miners and energy producers slipping as commodity prices extended losses.
Rio Tinto Group and BHP Billiton Ltd. slid as iron ore retreated amid a stronger dollar and indications China’s economy has yet to rebound. Next Plc tumbled 15 percent after the clothing retailer lowered its full-year sales forecast and warned it may face the toughest year since 2008. Royal Dutch Shell Plc and BP Plc dragged a gauge of oil stocks lower as crude dropped. Standard Chartered Plc lost 7.8 percent after a peer warned on the impact of exposure to the resources sector.
The benchmark FTSE 100 Index fell 1.5 percent to 6,106.48 at the close of trading in London, taking its weekly loss to 1.3 percent. The broader FTSE All-Share Index dropped 1.4 percent today and Ireland’s ISEQ Index retreated 0.1 percent. Markets are closed tomorrow for Good Friday.