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

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(For a Businesshala Live blog on the US, UK and European stock markets, click/ or type live/ in a news window)

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* FTSE 100 down 1.1%, FTSE 250 down 1.2%

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Oct 1 (Businesshala) – London’s FTSE 100 index fell on Friday on weakness in banks and commodity-linked stocks, while AO World declined after global supply chain disruptions affected revenue growth.

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

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BP and Royal Dutch Shell fell 1.7% and 1.0%, respectively, pushing oil prices lower.

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

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

Pub operator Weatherspoon dropped 4.7% after reporting its annual losses nearly doubled as sales were hit by COVID-19 restrictions. (Reporting by Bansari Mayur Kamdar; Editing by Sriraj Kalluvilla)

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