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Mining stocks drag FTSE 100 lower

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The UK’s main share index has dropped in early trading, weighed down by falls in major mining and oil stocks.The FTSE 100 has fallen below 7,400 points, shedding down 31 points, or 0.4%, to 7,383.13.The biggest losers were mining firms including Glencore and Rio Tinto, along with oil giants BP and Shell.It comes after further falls in global oil and commodity prices, with Brent crude extending its losses and falling nearly 1% to $61.65 a barrel.Oil prices also fell heavily on Tuesday on warnings from the International Energy Association of slowing demand and rising stockpiles.Royal Dutch Shell shares were down 1.5% at 2396.50 pence on Wednesday morning, while BP was 1% lower at 498.10 pence.Glencore, Rio Tinto and Anglo American were all down by more than 2% on the back of falling metal prices.But gold miner Fresnillo was the biggest winner on the index – rising 2.8% – after gold prices edged 0.3% higher to $1,284.30 per ounce.
Source: BBC Regional