Citywire for Financial Professionals
Stay connected:

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.

 
FTSE slips as eurozone fears offset mining rally

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.

Sign in / register to view full article on one page

1 comment so far. Why not have your say?

Franco

Dec 16, 2011 at 18:45

Do you find a drop of 0.25% in the FTSE worth us reading 1000 words of comment on it?

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire guide to investment trusts

In association with Aberdeen Asset Management

Henderson Global Investors: 2014 looks set to be another strong year for UK commercial property


Andrew Friend, acting co-manager*, and Marcus Langlands Pearse, co-manager of the Henderson UK Property Unit Trust (HUKPUT), provide an overview of the key risks and opportunities for the UK commercial property market.

More about this:

Look up the shares

  • Assura Group Ltd (AGRPg.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Kazakhmys PLC (KAZ.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Antofagasta PLC (ANTO.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • 3Legs Resources PLC (3LEG.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Sports Direct International PLC (SPD.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Fresnillo PLC (FRES.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Xstrata PLC (XTA.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet