British Stocks Post Biggest 2-Day Decline Since Brexit Aftermathby
Losses in banks and commodity producers dragged down British equities, which posted their biggest two-day drops since the the nation voted to leave the European Union.
The FTSE 100 Index retreated 0.7 percent, taking its slide for the past two days to 1.2 percent and closing at its lowest level in almost a month. Barclays Plc fell 3.6 percent and BHP Billiton Ltd. dropped 2.7 percent, while Royal Dutch Shell Plc A shares lost 2.1 percent as oil entered a bear market. The FTSE 250 Index of mid-cap companies declined 0.4 percent.
Among stocks that rose, Direct Line Insurance Group Plc jumped 13 percent after the insurer increased its dividend and announced a special payout. InterContinental Hotels Group Plc climbed 3 percent after reporting an increase in first-half earnings. Shire Plc added 2.4 percent as it said its takeover of Baxalta Inc. will boost earnings and sales this year. Precious metals miners climbed, with Fresnillo Plc up 1.7 percent after raising its gold output forecast following a surge in profit.
Ireland’s ISEQ Index lost 1.4 percent and the regional Stoxx Europe 600 Index declined 1.3 percent.