Sharp drop in oil price takes toll on Footsie

The FTSE 100 was knocked after oil prices slumped during Donald Trump’s historic meeting with Russia’s Vladimir Putin in Finland.

Brent crude prices were down by as much as 3.75 per cent to just over $72 a barrel as traders anticipated the outcome from the Helsinki summit.

BP and Shell fell by 2.3 per cent and 2.1 per cent respectively, and mining stocks were also knocked, with BHP Billiton falling by 2.48 per cent or 41p to 1,609.2p.

The FTSE 100 closed down 61.42 points at 7600.45.

“A sharp slide from Brent Crude left the FTSE far and away the worst performer on an otherwise somnambulant start to the week,” said Connor Campbell, financial analyst at Spreadex

Debenhams’ shares fell out of fashion again following reports that credit insurers have reduced cover for suppliers to the struggling department store chain.

Credit insurance company Euler Hermes is among those to have pulled some cover, while Atradius and Coface have refused to cover new shipments, according to reports.

Shares were knocked by 4.8 per cent or 0.71p to 14p. The news comes after Debenhams issued its third profit warning this year in June.

Shares in the John Laing Infrastructure Fund (JLIF) soared after the firm said it was likely to accept a £1.45 billion takeover offer from a consortium of investors.

JLIF, which invests in infrastructure projects across Europe, has been approached by Dalmore Capital and Equitix Investment Management. JLIF’S shares ended up 21.4p at 139.6p.