London’s top-flight index fell for the fourth day in a row today as disappointing economic data from China dragged on commodity stocks.
The FTSE 100 Index closed down 40.31 points at 6,855.02, to take the total fall during the week to 2.4 per cent.
Overnight figures from China showed a sharp decline in industrial profits and meant the FTSE registered another day of losses as the buoyant mood that saw it top the 7,000 landmark last week – and achieve further record highs at the start of this one – ebbed away.
Chris Beauchamp, senior market analyst at IG, said: “The positive note that pervades indices in Europe and the US is not being replicated on the FTSE 100, thanks once again to the index’s heavy consignment of mining stocks. Commodity prices remain on the back foot as the global economic outlook takes another hit.”
Anglo American led the fallers as it dropped 3 per cent or 32.5p to 1,044p, while Randgold Resources was not far behind, off 146p at 4,756p. Glencore fell 9.05p at 288.15p and Rio Tinto was down 67.5p to 2,809.5p.
EasyJet was among the risers as it bounced back from an oil price inspired slide in the previous session, and traders instead digested the implications of Thursday’s positive trading update.
The low-cost airline was also benefiting from an upgrade by brokers at RBC Capital Markets. Shares in the carrier rose 21p to 1,858p. British Airways and Iberia owner International Airlines Group was ahead too, climbing 7p to 594p.
The biggest risers on the FTSE 100 Index were cruise operator Carnival up 217p at 3,241p, Intercontinental Hotels Group up 71p at 2,640p, drugs firm Shire up 115p at 5,425p and brewing giant SABMiller up 51p at 3,613p.