FTSE 100 drops over 1% in dour start to new quarter

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FTSE 100 drops over 1% in dour start to new quarter

London's FTSE 100 index fell on Friday on weakness in banks and commodity-linked stocks, while AO World slumped after revenue growth was hit by global

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London’s FTSE 100 index fell on Friday on weakness in banks and commodity-linked stocks, while AO World slumped after revenue growth was hit by global supply chain disruptions.

The blue-chip FTSE 100 index dropped 1.1%, with oil stocks, miners and financials among the worst performers.

BP (LON:BP) and Royal Dutch Shell (LON:RDSa) shed 1.7% and 1.0%, respectively, tracking oil prices lower. [O/R]

Online electricals retailer AO World fell 11.3% after reporting that its revenue in the first half was hit by a shortage of delivery drivers in the UK and other disruptions to the global supply chain.

The domestically focussed mid-cap index declined 1.2% on weakness in travel and leisure shares.

Pub operator Wetherspoon dropped 4.7% after reporting a near doubling of its annual losses as sales were hit by COVID-19 restrictions.

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