Trump’s Immigration Ban Puts Pressure On U.K. Shares
Jan, 30th 11:59
U.K. shares extended the decline in global stock markets on Monday after Asian equities plunged into the red following U.S. President Donald Trump’s executive order banning citizens of seven predominantly Muslim countries from entering the U.S.
The order signed over the weekend sparked two-day protests at airports throughout the U.S and spurred concerns that Trump’s protectionism policies may hurt politics and businesses world-wide.
The FTSE 100 index fell nearly 1% to a one-month low at 7114.80 in early hours trading with losses in energy and mining shares overwhelming gains in Vodafone shares.
Commodity-related stocks traded mostly lower. Shares of Anglo American PLC lost 1.13% why those of BHP Billiton PLC and Rio Tinto PLC lost 1.03% and 1.3%, respectively. Randgold Resources also witnessed its shares plunge 0.61%.
Oil producers such as BP PLC and Royal Dutch Shell PLC contributed to the decline of the index with each company’s shares retreating more than 1%.
Vodafone PLC gained 2.64% after the company said it’s in talks with Aditya Birla Group to purchase its Idea Cellular Ltd unit.
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