Market round-up: Plunge in Chinese stocks ripples through global markets hitting FTSE 100

A plunge in the value of Chinese equities rippled across global markets on 24 August eroding thousands of value points from indexes, including the Dow Jones and India's Sensex. London's FTSE 100 did not emerge unscathed.

"The decline in China stocks shows no signs of abating and is triggering a lemming-like response in other markets as nervous investors become increasingly anxious about when growth will pick up," said AJ Bell investment director Russ Mould.

The FTSE 100 dropped below "the psychologically important 6,000 barrier" said Mould "as shares slumped to levels not seen since the end of 2013 following further big falls on Asian markets". Reports said £74bn (€100.8bn, $116.6bn) was wiped off the market in a single day.

Overall, the market lost -4.67% in value, falling from the 6,187.65 it ended with on 21 August and closing at 5,898.87 on 24 August. Meanwhile, 21 August was marked the worst day of performance in 2015 after a week that saw a continuous downward trend.

"Distribution and outsourcing group Bunzl got caught in the crossfire with its shares falling sharply," said Mould. "The group posted an 11% rise in pre-tax profits and revealed four acquisitions but there are concerns over its emerging markets businesses."

Glencore Plc was the biggest faller on the index, losing -13.02% from its value. It was joined by other large mining and oil and gas firms such as BP, which lost -7.32% in value. A sign of positive activity came when African Potash's shares ticked upward after it clinched its first supply deal following its agreement with Common Market for Eastern and Southern Africa. The company has signed a memorandum of understanding with a Zambian company for the supply of 50,000 tonnes of fertiliser.