Afternoon markets: Resolution slumps as markets left deflated

Clive Cowdery’s life insurance consolidation company Resolution has seen its share price slump in what was a difficult start to the week for the FTSE 100 index.

The FTSE 100 closed 2.6% lower at 5,223 – its lowest closing price since October 5.

Resolution, which saw talks to acquire zombie life fund operator Phoenix fall through, reported a 7.5% drop in share price to 230.2p.

Elsewhere, Lloyds Banking Group dropped 7.1% to 23.42p as it revealed contingency plans if António Horta-Osório fails to return, despite highlighting good progress made by the group chief executive in his recovery.

Mexican silver miner Fresnillo dropped 6.9% to 1,593p, copper miner Kazakhmys was down 6.4% to 807.5p, while oil & gas services company Petrofac fell 6.3% to 1,304p.

Biopharmaceutical company Shire was the sole riser on the blue chip index, as its share price rose 0.2% to 2,008p.

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