Update: DFMs warn against panic selling as FTSE enters bear territory

FTSE 100 dipped below 5,685 points

Wealth managers have warned investors against panic selling of assets or "reckless conservatism" after the FTSE 100 closed in bear market territory yesterday.

The UK blue chip index closed at 5,685, more than 20% below its intra-day peak of 7,122 in April last year following the oil price crash. Commodities companies were particularly badly hit as the oil price fell below $28 a barrel, pushing the FTSE 100 down 3.6% on the day. Oil giant Shell was among the losers as fourth quarter results revealed its profits had been hit by the oil price crash, causing shares to dive 4.4% to £13.05. Financial system 'worse than 2007', warns OECD Glencore was the worst performer, losing 6.3%, followed by Anglo American, which was down 6%, and BHP Bill...