There were no fireworks in London on Thursday, with most stocks trading in negative territory, deepening the benchmark index’s loss for the year.
The FTSE 100 index UKX, -0.14% dropped 0.2% to 6,259.91, adding to a 0.6% loss from Wednesday. For the year, the U.K. benchmark was set for a 4.7% slide, which would mark a second straight year of losses.
With a drop for 2015, the FTSE has sharply been underperforming other regional European benchmarks, largely due to the continued slump in oil and metals prices. Less commodity-sensitive markets, such as Germany’s DAX 30 index DAX, -1.08% and France’s CAC 40 index PX1, -0.29% were up 9.6% and 9.2%, respectively, for the year.
Crude oil CLG6, +0.27% has shaved off 31% in 2015 and sent shivers through financial markets, particularly those heavily weighted toward the energy sector.
Crude oil tumbled 3.4% on Wednesday, coming under renewed selling pressure after Saudi Arabia said it would keep production high and data showed an increase in U.S. oil supplies. Prices rebounded a bit on Thursday, but analysts see few positive catalysts for 2016.
Energy majors were among decliners in London on Thursday, as has often been the case in recent months. Royal Dutch Shell PLC RDSB, -0.42% RDS.B, -1.34% lost 1%, BP PLC BP., +0.13% dropped 0.3% and BG Group PLC BG., +0.43% inched 0.1% lower.
Also moving lower, Sports Direct International PLC SPD, +0.44% erased 0.3% after the retailer said it start paying its staff above the minimum wage from January 1. The announcement comes after criticism over worker conditions at the company earlier this month.
Source: Market Watch
