Oil and mining stocks drag down FTSE 100
FTSE 100 closes lower
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Monday, 01, Sep 2008 05:48
The FTSE 100 closed 33.80 points lower at 5,602.80 on a gloomy economy and the impact of Hurricane Gustav.
Mining stocks fell the furthest on weakened metals prices. Kazakhmys was down 5.8 per cent to £12.17, while Anglo American dropped 5.18 per cent to £27.80 and Xstrata was down 4.7 per cent to £29.22.
Oil stocks were also affected by a decline in oil prices as Hurricane Gustav was downgraded to a category two storm.
Tullow Oil fell 4.18 per cent, while BP was down 1.47 per cent to 521p.
Risers included British Airways, which was up 4.28 per cent to 261.75p and RSA Insurance, up 3.91 per cent by the close of trade.
British Airways benefited from the fall in oil, as it makes up an significant part of its costs.