Business

FTSE 100 hits six week low

City traders Image copyright Getty Images

(Close): The UK market continued to slide, to a six week low, having dropped 1.9% in the previous session.

The FTSE 100 index closed down a further 60.40 points, or 0.98%, at 6,118.28.

Security firm G4S was one the biggest faller on the index, dropping 3.64% after RBC Capital Markets cut its price target for the stock.

Rolls-Royce was down a further 4.29% after having fallen nearly 20% on Thursday after warning on profits.

However, mining firms enjoyed a modest rebound. The sector has been hit by the slide in commodity prices, but on Friday Anglo American shares were up 1.4% and BHP Billiton was 0.7% higher.

BHP is being fined by the Brazilian government over the dam burst at the mine which BHP jointly-owns with Vale.

In the FTSE 250, shares in Auto Trader Group rose 2.62% after car trading marketplace reported an 8% rise in half-year revenues to £138.2m, with operating profit up 23% to £82.9m.

Among the smaller-cap companies, shares in stamp and collectibles trader Stanley Gibbons fell nearly 10% after it said half-year like-for-like sales had dropped by 21%.

The company said that this year had been "a period of transition", as it attempted to move away from being stamp-based business to "a broader based collectibles group".

However, it added: "The integration of acquisitions and management change has clearly represented a distraction to short-term sales initiatives, particularly from our sizeable philatelic inventory, contributing to the sharp decline in trading performance."

On the currency markets, the pound fell 0.12% against the dollar to $1.5214, but rose 0.66% against the euro to €1.4180.