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FTSE 100 slips below 6,000: Extended heavy losses following grim session for Chinese stocks

Published 24/08/2015

The FTSE 100 Index tumbled by around 190 points in early trading
The FTSE 100 Index tumbled by around 190 points in early trading

London's top-flight slipped below 6,000 for the first time since January 2013 today as it extended heavy losses following another grim session for Chinese stocks.

The FTSE 100 Index tumbled by around 190 points in early trading, adding to the gloom seen last Friday when it had its worst day in ten months.

It later pared back the losses a little but was still 171.3 points down at 6016.3, leaving the index on course for a tenth session of falls in a row - which would be the worst losing streak since it dropped for 11 days in succession in 2003.

The FTSE 100 was down by nearly 3%, with similar falls seen on Germany's Dax and France's Cac 40.

Markets have been plunged into economic uncertainty over China, the world's second biggest economy. The latest session saw the main index in Shanghai dive by a further 8.5%, deepening its recent heavy slump and meaning it has lost all its gains for 2015.

In London, trading screens turned red with not one of UK's top 100 listed stocks up.

Worst hit were companies in the commodities sector, where prices have been severely hit by fears over China.

BHP Billiton fell nearly 6%, or 60p to 1005.5p while Glencore dropped 5%, or 8.6p, to 149.9p and Anglo American slipped 35.8p to 697p.

Asia-focused bank Standard Chartered was down 38.9p at 741.2p.

Meanwhile, telecoms giant BT was in focus after snatching the rights to screen the next Ashes series after a reported £80 million five-year deal to screen Australian cricket. Shares fell 1%, or 6.4p, to 429.2p. Rival Sky fell 2%, or 25.5p, to 1015.5p.

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