Commodities weigh on FTSE 100
Monday 15th June 2009, 9:13AM BST.
The FTSE 100 slumped 1.68 per cent in early trading to 4,375.93, weighed down by commodity stocks.
A strengthening dollar – and a reverse in rising oil prices – sent energy and mining stocks lower, extending Friday’s losses on the index.
Lonmin led the falls with a 4.3 per cent drop, while Vedanta Resources was off by 4.07 per cent and Tullow Oil fell by 3.5 per cent.
Financial stocks fared better on the index, with Lloyds Banking Group up by 1.53 per cent and insurer Amlin up by 0.07 per cent.
The dollar was up 0.38 pence at £0.6119, making £1 worth $1.63438 on Friday after Russian finance minister Alexei Kudrin dismissed concerns the dollar would be replaced as the world’s reserve currency – at least for the time being.
The Dow Jones rose 0.32 per cent, while the S&P 500 was up by 0.14 per cent.
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