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Shares in AP Moller-Maersk have dropped to the bottom of the Stoxx 600 index after the Danish conglomerate reported a $1.9bn loss for 2016, from a profit of over $900m in the previous year.

The company has been hampered by weakness in its shipping line, which produced unexpected losses, but also by large writedowns in its oil rig and supply services businesses. It also halved its dividend.

Shares in the group fell more than six per cent at the open, and at publication were down 5.8 per cent, at DKK10,970.

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