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FTSE reaches five-week low

The FTSE has dropped to a five-week low during trading this morning as mining shares slumped.

Those using their private wealth to invest in the stock market may be interested to note that, according to Reuters, the index was down 1.1 per cent at 09:20 GMT.

As a result, the FTSE was reduced to 5,220.78 points, with drops of as much as 3.6 per cent being recorded by Anglo American, BHP Billiton, Kazakhmys, Lonmin, Rio Tinto and Xstrata.

The slide continues a trend seen yesterday (January 26th), when the market was 0.5 per cent lower at midday on the back of retreating mining stocks.

Today’s drop was triggered by fears that demand for commodities will decrease as a result of Chinese banks limiting their lending and there were also dips for oil firms as the price of crude remained below $75 (£46) per barrel.

BP and BG Group were among the companies to decline, but Tullow Oil was the biggest faller in the sector, shedding 4.8 per cent on the news that it is to sell shares in order to raise funds to develop its operations in Uganda.

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