StockMarketWire.com - The blue chip index fell 1% to 6,759 as Royal Dutch Shell (RDSB) declined by 3.3% on a double whammy of weaker oil prices and a stronger pound.

Sterling gained 0.8% to $1.27.

West Texas Intermediate (WTI) crude oil fell 1.4% to $44 and Brent crude oil slumped 1.2% to $45.28 per barrel, respectively.

Gold cheapened 0.5% to $1,258 per ounce while copper continued to rally 5.3% to $5,930 per tonne.

Berenberg initiated coverage of EasyJet (EZJ), Ryanair (RYA) and International Consolidated Airlines (IAG) as it undertook a deep look at the airlines sector. Irish flyer Ryanair received a 'buy' recommendation and €16 price target as Berenberg analysts noted it is the lowest-cost airline.

FTSE 250 RISERS AND FALLERS

Insulation products group SIG (SHI) spooked investors with a profit warning and announced chief executive Stuart Mitchell is to be axed. It crashed 19.2% to 93.5p as SIG said that tough trading conditions and strong competition in the UK was likely to result in lower profit of between £75m to £80m. Previous profit was anticipated to be £92m.

Global mobile satellite communications provider Inmarsat (ISAT) announced it will provide in-flight broadband to several Austrian Airlines' fleet as part of its new 'GX for Aviation' programme.

SMALL CAP RISERS AND FALLERS

Oil exploration minnow Mosman Oil & Gas (MSMN) slid 12.5% to 1.44p after HSBC cut its stake in the business below the disclosure threshold.

Gold miner Atalaya Mining (ATYM) jumped 18.4% to 126p with investors still positive following last month's upbeat operational update of its Proyecto Riotinto project. It showed a 97% quarter-on-quarter hike in output to 8,752 tonnes.

Range Resources (RRL) announced the QUN 158R (renamed QUN 160) development well in Trinidad was successfully spudded, triggering a share price rise of 7.6%.

Castings (CGS) posted a downbeat interim statement as pre-tax profit dropped from £9.51m to £7.08m and the Brexit vote posed uncertainty.


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