Stocks in London sank on Thursday, with resource companies leading the charge south after another trading halt in China and a major selloff in oil prices. The FTSE 100 index slumped 2.7% to 5,907.89, setting it on track for its lowest close since mid-December. For the week, the London benchmark was looking at a more than 5% drop, which would be the largest since August. The depressed trading mood followed steep losses on Chinese markets, which came after the People’s Bank of China allowed the yuan to fall further against the dollar. Sliding oil prices also hit investor sentiment, as crude oil [s:clg6] traded around the lowest level since 2003, below $33 a barrel. Miners topped the list of decliners in London, tracking most metals lower. Shares of Anglo American PLC slid 9.5%, Glencore PLC [:s glcnf] fell 6.8% and BHP Billiton PLC erased 6.2%. The only miner on the rise was Randgold Resources Ltd. , up 0.2%, benefiting from safe haven flows to gold. Among energy companies, shares of BG Group PLC dropped 6.3% and BP PLC lost 5.3%.
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From:: Stock Market News