FTSE 100 drops 1% as commodity, financials stock weigh

London’s FTSE 100 index slumped on Thursday as heavyweight commodity and financial stocks fell on concerns over slowing economic growth, while easyJet (LON:EZJ) dropped to the bottom of mid-cap index after its share sale plan.

The blue-chip index fell 1.1% and was on course for its worst daily performance in three weeks. Miners slumped 1.2%, tracking iron-ore prices. [MET/L]

Oil and gas shares were down, with BP (LON:BP) and Royal Dutch Shell (LON:RDSa) shedding about 1.5% each to weigh the most on the index.

The domestically focused mid-cap FTSE 250 index declined 0.7%.

British airline easyJet fell 6.3% after it announced a fully underwritten rights issue to raise 1.2 billion pounds ($1.7 billion) plus a new debt facility to help its pandemic recovery, and added that it had recently rejected a takeover offer.

Genus (LON:GNS) slid 8.7% as Peel Hunt downgraded the livestock genetics firm’s stock to “hold” from “buy” after it missed annual profit estimates.