View the article online at http://citywire.co.uk/money/article/a553622
FTSE slips as eurozone fears offset mining rally
Britain’s FTSE 100 sheds 0.25% to 5,387 as concerns over the eurozone constrain performance despite a rally by mining stocks.
Britain’s FTSE 100 closed slightly down as concerns over the eurozone held back the day’s performance despite a rally by mining stocks.
The benchmark UK index of blue-chip shares shed 0.25%, or 65 points, to 5,387 and the Mid-250 index lost 0.25%, or 24 points, to 9,803. The FTSE 100 has fallen 142 points or 2.5% since Monday.
See the FTSE’s performance and the index’s top winners and losers.
US manufacturing growth pushes copper price
Commodities led the day as copper bounced back after US manufacturing growth showed signs of strengthening. Copper futures prices took on $6.70, or 2.05%, to $333.40.
Mining stocks pulled up the FTSE as Antofagasta (ANTO.L) rose 42p, or 3.7%, to £11.72; Kazakhmys (KAZ.L) added 27p or 3%, to 874p; Fresnillo (FRES.L) grew 41p, or 2.7%, to £15.53; and Citywire Top Stock Xstrata (XTA.L) took on 22p, or 2.3%, to 970p. Analysts at UBS and Liberum Capital also helped boost the companies on the day as they recommended the stocks.
The euro made a strong initial recovery when the Italian parliament succeeded in passing its austerity package but crept back to levels seen in earlier trade as the day progressed.
Sterling was flat adding 0.01% against the dollar to $1.551, and slipped 0.05% against the euro to €1.19.
However, the downbeat mood prevailed as it was reported there are fears the Greek government may not be able to meet the rules of a new bailout.
David White, trader at Spreadex, said: ‘Equity markets today have managed to remain generally positive for the session in spite of a continuing flow of negative news.
‘From a week consumed with downward revisions and a worsening outlook, risk assets have performed relatively well, with the FTSE 100 losing only a little over 2% for the week.’
Other stock markets in Europe also made losses: Germany’s DAX index fell 0.5% to 5,702, France's CAC 40 index shed 0.88% to 2,972, and the FTSEurofirst 300 index of top European shares lost 0.42% to 958.
Sports Direct (SPD.L) leaped to the top of the FTSE250 index to take on 20p, or 10.5% to 210p amid talks of a merger with Blacks Leisure.
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- Assura Group Ltd (AGRPg.L)
- Kazakhmys PLC (KAZ.L)
- Antofagasta PLC (ANTO.L)
- 3Legs Resources PLC (3LEG.L)
- Sports Direct International PLC (SPD.L)
- Fresnillo PLC (FRES.L)
- Xstrata PLC (XTA.L)
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