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Miners, banks weigh on FTSE 100; Tullow Oil plunges

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By Reuters
Miners, banks weigh on FTSE 100; Tullow Oil plunges
FILE PHOTO: A trader monitors her screen on a trading floor in London January 22, 2010. REUTERS/Stefan Wermuth   -   Copyright  Stefan Wermuth(Reuters)
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(Reuters) – London’s blue-chip stocks retreated on Monday as oil majors and Asia-exposed financials fell after disappointing exports data from China stoked growth worries, while midcaps were weighed down by a 50% slump in Tullow Oil.

The FTSE 100 <.FTSE> was down 0.2% by 0808 GMT, with its exporter stocks also taking a hit from gains in sterling ahead of UK general election later this week.

The FTSE 250 <.FTMC> also dipped 0.2%, with Tullow Oil <TLW.L> single-handedly accounting for all of the index’s fall in early deals after the oil and gas explorer scrapped dividend and said its CEO was stepping down. The stock touched its lowest in more than 15 years.

Data showing China’s exports in November shrank for the fourth consecutive month fanned worries over Sino-U.S. trade war’s impact on the world’s second-largest economy.

Other news related moves saw Tesco <TSCO.L> top the bluechip index with a 4.3% rise after the retailer started a review of its operations in Thailand and Malaysia.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; Editing by Arun Koyyur)