FTSE:5,674.38 (–98.16) Mid-250:11,453.72 (–182.44) Small Cap:3,221.38 (–32.69)

TUMBLING COMMODITY prices left London-listed miners at the foot of the FTSE 100 yesterday, after the US energy department released oil reserves, causing crude prices to slump.

Brent crude fell more than $6 to close to $108 a barrel, leaving BP and Royal Dutch Shell both 2.2 per cent lower at 440.2p and £21.17 respectively.

But the biggest damage was done in the mining sector as losses accelerated during the afternoon after sentiment across global markets was unsettled by the Federal Reserve’s downbeat outlook on the US economy.

This was issued alongside its decision to leave monetary policy on hold.

Vedanta was left languishing at the bottom of the FTSE 100, down 6.9 per cent to £18.60, while Eurasian Natural Resources shed 5.1 per cent to 723.8p.

Commodities trader Glencore lost 4.8 per cent at 466.7p.

The FTSE 100 ended the session down 99 points or 1.7 per cent at 5,674.38.

Worries about the state of trade on the UK high street returned to London’s equities market with news of falling profits at electrical retailer Dixons.

The company reported a 6 per cent decline in annual underlying profit of £85.3 million, which came after it issued a profit warning in March. It also filed impairment charges totalling £309 million relating to its decision to exit the Spanish market.

Shares in the owner of the Curry’s and PC World outlets fell 3.2 per cent to 16p.

Retail stocks were weaker overall, however, after Dixon’s warning that the outlook for the year ahead “remains challenging”. Kesa Electricals was 2.2 per cent softer at 131p.

Ocado, the online grocer, lost 5.2 per cent to 184.8p and Home Retail fell 3.4 per cent to 161.2p.

The mid-cap FTSE 250 index, home to a cross-section of the high street and more representative of the domestic UK economy, fell 1.6 per cent to 11,453.72.

Lower down the market, bookmaker Sportingbet rose 15.9 per cent to 49p after Ladbrokes made a preliminary bid approach for the company. The news came after Ladbrokes pulled out of a deal to acquire 888.com, the online gaming company, last year and the demise of talks between Unibet of Sweden and Sportingbet in November. – (Copyright The Financial Times Limited 2011)