LONDON: The U.K.’s FTSE 100 suffered its worst loss in nearly five months Tuesday, with mining and oil firms battered along with commodity prices. Prudential shares were also hit as the insurer is set to lose its CEO.
The FTSE 100 index UKX, -2.52% fell 2.5% to 6,702.84, marking a third consecutive decline and largest percentage decline since Oct. 15, according to FactSet data. The benchmark has been weighed in part by losses in the broader European stock market SXXP, -0.90% where focus has been on Greece and whether the country will agree on a reform program with its international lenders, a prerequisite for receiving more financial aid.
Mining and energy stocks traded in London headed south, with dollar-denominated metals and oil prices crunched by the surge in the U.S. dollar DXY, +0.18% against its rivals. The dollar has been running higher as it appears the Federal Reserve will raise interest rates this year, in contrast to other central banks worldwide, including the European Central Bank and the Bank of Japan.
In the oil and gas group, BG Group PLC BG., -7.40% fell 7.4%, Tullow Oil PLC TLW, -7.02% erased 7%, Royal Dutch Shell PLC RDSB, -4.83% RDS.B, +0.10% fell 4.8% and BP PLC BP., -3.95% BP, +0.03% shaved off 4%.
Among miners, Antofagasta PLC ANTO, -5.51% dropped 5.5%, BHP Billiton PLC BLT, -4.70% BHP, -0.95% BHP, -4.89% lost 4.7% and Rio Tinto PLC RIO, -2.77% RIO, -1.30% RIO, +0.21% gave up 2.8%.
