Commodities struggle pulls Footsie down

The FTSE 100 closed lower after a hit to oil prices weighed on commodity stocks.

London’s blue-chip index shed 51.32 points to close at 7,471.75, following a six-month high earlier in the week.

BP was among the biggest fallers, dropping 12.3p to 570.2p, while Royal Dutch Shell ’sa shares were down 48p to 2,473p. Mining stocks also slid, with Anglo American down 84.5p to 2,080.5p and Rio Tinto down 82p to 4,555p.

David Madden, market analyst at CMC Markets UK, said: “It was the mining and oil sectors that helped [the FTSE] reach that multi-month high, and today we are seeing a reversal of that.”

The pound was higher at the London market close, up 0.5 per cent against the euro to €1.158 and 0.02 per cent versus the dollar at $1.293.

In company news, Primark notched up a surge in half-year profits as British shoppers continue to flock to the budget retailer. The firm, owned by Associated British Foods (ABF), saw adjusted operating profit jump 25 per cent to £426 million in the six months to 2 March, while sales grew 4 per cent to £3.6 billion. ABF shares climbed 51p to 2,557p.

Aviva’s UK insurance boss Andy Briggs has stepped down amid a raft of changes following the appointment of Scots-born group chief executive Maurice Tulloch. Briggs’ move to quit the role comes just weeks after he missed out on the top job. Shares in Aviva dipped 2.8p to close at 422.8p.

Sainsbury’s dropped 3.8p to 226.6p as rumours grew that its proposed mega-merger with Asda will be blocked by the UK’S competition watchdog this week.