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FTSE tumbles below 4,000 to yearly lows

The FTSE 100 struck yearly lows of 3,907 this morning after a sell-off in mining stocks with news that mining giant Anglo American was suspending its dividend.

By 9.30, the UK index had fallen 2.2 per cent to 3,929 after the miner posted a 3 per cent fall in 2008 pre-tax profits to £6bn and warned that 2009 would be tough.

Shares in the company have dropped by over 12 percent to 1,088p after it suspended dividend payments and share buybacks and announced plans to axe an additional 9,000 jobs in a bid to retain cash.

Rio Tinto, the third largest miner globally was down 8.5 per cent to 1,830p and BHP Billiton also fell 4.24 per cent to 1,130p.

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