FTSE 100 Extends Losses As Commodity Shares Take Hit

(RTTNews) - U.K. stocks fell on Thursday to extend losses from the previous session, with oil majors pacing the declines after oil prices fell sharply overnight on data showing an unexpected rise in U.S. crude inventories and amid mounting fears of a recession.

Meanwhile, investors shrugged off data showing that U.K. retail sales grew unexpectedly in July.

U.K. retail sales volume grew 0.2 percent in July from June when sales advanced 0.9 percent. Sales were forecast to drop 0.2 percent.

The benchmark FTSE 100 was down 55 points or 0.77 percent at 7,091 after closing 1.4 percent lower the previous day.

Oil & gas majors BP Plc and Royal Dutch Shell fell over 1 percent.

Mining stocks also moved lower, with Anglo American, Antofagasta and Glencore falling 2-4 percent on global growth worries.

FirstGroup Plc, a provider of transport services, jumped 5.3 percent after the company appointed David Martin as Chairman with immediate effect.

GVC Holdings rallied 3.3 percent. The betting and gaming operator said the Group's performance in the first half was extremely pleasing with Group proforma net gaming revenue 5 percent ahead.