Energy slump drains FTSE

The FTSE closed at its lowest level in more than a week Wednesday following falls in energy firms and food retailers.

After dropping as low as 5,190 this morning, the FTSE staged a mini-recovery to close less than 20 points (0.37%) down at 5,203.89. The FTSE 250 was also down, closing more than 112 points (1.24%) lower at 8,919.49 Oil and gas firms were weak as crude prices hovered around $73 a barrel, well below October's $80 highs. Insurer Old Mutual was the biggest loser, dropping 5.63% to 104p, while Man Group, Fresnillo, Barclays and Resolution all fell more than 3%. Property firm Sergo was among those stemming the losses after J.P. Morgan lifted its rating on the stock to 'neutral...