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UK’s FTSE 100 falls as miners, energy stocks weigh

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British stocks fell on Tuesday, dragged down by miners and energy sector shares on worries of softening demand from China, while shares of Associated British Foods jumped after posting higher annual profit.

The export-oriented FTSE 100 index fell 0.6% by 0818 GMT.

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Energy firms slipped 1.1%, while miners shed 0.4%, as worsening COVID-19 outbreaks in China receded hopes of recovering demand for raw materials.

The home construction sector index fell 4.0% after Persimmon tumbled 8.4%, as Britain’s second-largest housebuilder said its sales rate slipped further in the last six weeks.

In a bright spot, Associated British Foods jumped 4.7% to the top of the FTSE 100, after the Primark owner reported a 42% surge in 2021-22 profit. (Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi Aich)

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