FTSE 100 drops 0.9% as home prices slump

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Source: Dukascopy Bank
FTSE 100 dropped on Thursday as data showed home prices declined in March and oil prices tumbled. UK retailers fell after their Swedish rival H&M posted disappointing 1st quarter results. Marks & Spencer Group fell 3.2% and Kingfisher shed 1.4%. Oil stocks pushed index lower with BP fading 2.4% and Royal Dutch Shell  slipping 1.3%. On the upside International Power rallied 6.4% on news it received a bid from GDF Suez SA. Imperial Tobacco Group added 1.7% after company announced its current financial performance matches previous estimates. At the moment of writing FTSE 100 is 0.88%or 51.10 points down at 5,758.50.

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