Unsurprisingly, it was miners that bore the brunt of the selling amid concerns over global growth in the wake of disappointing Chinese gross domestic product data. Among the fallers was diversified giant Xstrata, which gave a taste of the uncertain global picture with a third quarter update that showed production of some commodities roaring on amid continued high prices, but others slowing down as prices ease.
Xstrata has continued to ramp up production of coal and other commodities in the third quarter as prices stayed strong, though lower alloy prices prompted the company to extend furnace maintenance programmes, resulting in lower production.
Rising higher was television broadcaster ITV, which has revealed its intention to acquire Jersey-based Channel Television from its current owners Yattendon Group for an, as of yet, undisclosed sum.
In a short statement released this morning, ITV said, "ITV plc announces that it has entered into an agreement with Yattendon plc to acquire Channel Television subject to the approval of the Jersey Competition Regulatory Authority."
Also on the up was BP after UBS reiterated its buy rating on the oil titan following its $4bn settlement with Anadarko, which the broker sees as an "important step towards resolution".
Hotel and coffee shop operator Whitbread's relatively low priced product offerings helped it post a rise in profits in the six months to 1 September despite the tough economic climate.
FTSE 100 - Risers
G4S (GFS) 236.60p +7.59%
GKN (GKN) 194.30p +2.10%
Tullow Oil (TLW) 1,400.00p +1.82%
BP (BP.) 432.85p +1.72%
Meggitt (MGGT) 368.10p +1.57%
ITV (ITV) 63.35p +1.52%
BG Group (BG.) 1,365.00p +1.45%
British Sky Broadcasting Group (BSY) 674.50p +1.43%
Whitbread (WTB) 1,647.00p +1.23%
Rolls-Royce Group (RR.) 697.50p +1.23%
FTSE 100 - Fallers
Rio Tinto (RIO) 3,164.50p -4.16%
Hargreaves Lansdown (HL.) 486.90p -3.96%
Vedanta Resources (VED) 1,161.00p -3.73%
Standard Chartered (STAN) 1,376.50p -3.67%
Lonmin (LMI) 1,041.00p -3.34%
Fresnillo (FRES) 1,576.00p -3.25%
Land Securities Group (LAND) 690.00p -2.27%
Capital Shopping Centres Group (CSCG) 329.80p -2.22%
Brussels will unveil hefty fines as soon as Wednesday on global banks that allegedly formed cartels to rig two global interest rate benchmarks, in a settlement that is set to break European antitrust enforcement records. The latest crackdown on benchmark manipulation is expected to target up to 10 financial institutions. Some will admit wrongdoing while others will face formal charges alleging they colluded to fix Euribor, Yen Libor or both. The exact level of fines remains c [Wed 07:23]
BP won a big victory in its battle to limit the cost of compensation for its 2010 oil spill in the Gulf of Mexico after an appeals court called for an injunction to suspend payments to businesses that had not suffered losses as a result of the disaster. A majority on a three-judge panel of the Fifth Circuit appeals court ruled that a lower district court should draw up an injunction "tailored so that those who experienced actual injury traceable to loss from the Deepwater Hor [Tue 07:00]
BP has won a significant legal victory in the US after an appeals court ordered an injuction to be placed on payments to businesses which the oil major argued had not suffered losses as a result of the disaster. [Tue 06:58]
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