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FTSE 100: Mining shares drop 2.3% on global growth worries



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FTSE 100 Index

Last Updated at 07 Feb 2018, 11:16 GMT *Chart shows local time FTSE 100 intraday chart
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(Close): The market was dragged lower as shares in mining firms dropped sharply after commodity prices tumbled.

Copper prices hit five-and-a-half-year lows as the World Bank cut its global growth forecasts. Commodity prices have also been hit by falling oil prices.

Glencore lost 9.3%, Anglo American was 9% lower. Antofagasta and Billiton were both down fell 5%.

It meant the benchmark FTSE 100 index was down 153.7 points, or 2.34%, at 6388.83.

Three of the top five fallers in the index were miners and commodity stocks. The World Bank report cited stagnation in Europe and a slowdown in China as major headwinds for the global economy.

Standard Chartered joined them by the close, losing 5% on fears about its own exposure to the commodities markets.

Tesco continued to rally in the wake of last week's better-than-expected Christmas trading figures, despite rating agency S&P downgrading its debt to "junk" status. Its move echoes that of rival agency Moody's last week. The shares were up 1%.

Investors were also digesting a number of trading updates from firms.

Shares in Supergroup - the firm behind the Superdry fashion label - rose 10% after it reported a 12.4% rise in like-for-like sales for the 11 weeks to 10 January.

Online takeaway firm Just Eat saw its shares rise 3% after it said total orders during 2014 rose 52% from the previous year.

But Game Digital shares dived 50% at the start of trading after the video games business reported a 5.4% drop in group sales for the 11 weeks to 10 January. By the close the stock was 30% lower.

On the currency markets, the pound rose 0.5% against the dollar to $1.5235, and was up 0.25% against the euro at €1.2910.