Friday 19 January 2018

European shares extend losses, commodities-related stocks weigh

The London Stock Exchange. Photo: PA
The London Stock Exchange. Photo: PA

European stocks fell for a second straight session on Wednesday, with commodities-related shares coming under further selling pressure as prices of copper and crude oil slipped.

The FTSEurofirst 300 index of top European shares fell 0.6pc in early dealings after closing 1.3pc weaker in the previous session.

The STOXX Europe 600 Basic Resources index dropped 3.4pc, the top sectoral decliner, after prices of copper fell as concerns about the demand for the metal in top consumer China resurfaced.

The European oil and gas index also fell 1.5pc, tracking a decline in crude oil prices which were impacted after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.

Shares in Anglo American, Glencore, BHP Billiton, BP and Royal Dutch Shell were down 1.3 to 5.4pc.

However, Wolters Kluwer rose 5.4pc, the top gainer in the FTSEurofirst 300 index, after the Dutch business information and publishing company reported slightly better-than-expected results as growth in North America and Asia Pacific offset weakness in Europe.


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