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Market movers: BP, Shell, Weir, Balfour Beatty, Kibo Mining, SolGold, AFC Energy...

Last updated: 08:28 01 Dec 2014 GMT, First published: 09:28 01 Dec 2014 GMT

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London’s top share index fell again as the price of oil continued to slide and the Swiss voted against buying more gold.

The fall-out from OPEC decision late last week is still hurting oil majors with Tullow Oil (LON:TLW) the heaviest faller in London, down 30p to 389, a drop of 9%.

Brent crude fell below US$70, hitting a five year low on Friday after the oil cartel failed to cut production. 

The price slump has hit Weir Group (LON:WEIR), which was 100p lower this morning at 1,775p. Shares the oil services provider were trading north of 2000p last week.

Overall, the FTSE 100 down 60 points to 6,661 – a drop of 0.9%.

BG Group (LON:BG.) was 30p lower at 869p while Royal Dutch Shell (LON:RDSB) lost 60p to 2,162p. Oil as a sector accounts for 15% of the index.

Petrofac (LON:PFC) shares dipped to 800p, valuing the business as £2.7bn, which puts the company in line for relegation from the FTSE100 as the index reshuffles its constituents on Wednesday.

Gold heavyweight Randgold Resources (LON:RRS) suffered a 132p share price drop to 4,118p as Switzerland's voters rejected a proposal requiring the country's central bank to raise its gold holdings to 20%.

Anglo American (LON:AAL) followed Randgold lower, down 5p to 1,276 while silver specialist Fresnillo slumped 20p to 692p. 

Airlines shares took off, extending last week’s gains on news of cheaper jet fuel. EasyJet (LON:EZY) added 18p to 1671p while International Consolidated Airlines (LON:IAG) gained 2% to 466p. 

Power firm SSE (LON:SEE) was also a standout riser, up 15p to 1,655p, after it awarded a £460mln contract to engineering firm ABB Limited as part of the project to install a vital new underwater power cable that will help boost the supply of renewable electricity.

Aberdeen Asset Management (LON:AND) climbed higher after full-year results showed pre-tax profits edged up to £490mln, slightly higher than last year.

Shares in mid-capper Balfour Beatty (LON:BBY) rose 9% to 192p after it received a £1bn cash bid for its investment arm, a move which could lead to the break-up of the FTSE 250 construction firm.

In the small cap space, Kibo Mining (LON:KIBO) rocketed 26% after it said a first stage mining feasibility study for the Rukwa coal-to-power project (RCPP) has been completed.

SolGold (LON:SOLG) shares climbed around 10% in early deals as it unveiled further encouraging results which explain the geology of the Cascabel copper target in more detail.

Shares in Karelian (LON:KDR) gained 13% as a sample from its Riihivaara target in the Kuhmo region of Finland delivered encouraging results..

AFC Energy (LON:AFC) was 9% higher as the industrial fuel cell power company, appointed a new chief executive officer.

Coal developer Beacon Hill (LON:BHR) was the heaviest AIM faller, down 37% after it put out an update on its financing arrangements.

Dragon Oil (LON:DGO) has ended its interest in smaller oil and gas group Petroceltic (LON:PCI), citing market conditions, sending Petroceltic shares plummeting 35% to 114p.


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