Business

Commodity shares drag FTSE 100 lower

City traders Image copyright Getty Images

(Close): London's benchmark share index fell more than 1%, with commodity-related shares being hit by the drop in oil prices.

At close on Tuesday, the FTSE 100 index was down 73.49 points, or 1.19%, at 6091.23.

UK oil giants BP and Royal Dutch Shell were among the major fallers. Top gainer was Berkeley Group Holdings.

Oil prices have slid recently on doubts that producers will agree to curb output at a meeting later this month.

Mining companies were also affected, with shares in BHP Billiton, Glencore and Anglo American all down.

Shares in supermarket giant Tesco fell 1.7% after Deutsche Bank lowered its rating on the stock to "hold" from "buy".

In the FTSE 250, shares in Card Factory rose 4.25% after it reported strong full-year results and raised its dividend.

Full-year pre-tax profits nearly doubled to £83.7m, and the retailer increased its dividend by a third.

On the currency markets, the pound fell against the dollar to $1.4157, and slipped against the euro to €1.2421.