FTSE 100: Early gains fade as mining stocks drag down index
London’s FTSE 100 fell 0.3 per cent this morning as declining mining stocks cut out early banking gains.
The blue-chip index had advanced 0.4 per cent in early trading, with home retailer Kingfisher adding 3.6 per cent after raising its first half profit outlook.
But those gains were dragged down by mining stocks including Fresnillo, BHP and Anglo American, which fell by as much as 2.6 per cent.
Meanwhile, the domestically focused mid-cap FTSE 250 also fell by 0.1 per cent, as Trainline slumped to the bottom of the index as Britain reorganised its railway system.
Market movers
The morning’s biggest winner was Associated British Foods, who rose 2.1 per cent, followed by engineering firm Spirax-Sarco, up by two per cent.
Both industrial software firm Aveva and Auto Trader also rose two per cent.
Miner Fresnillo was the morning’s biggest faller, dropping by 2.6 per cent, followed by BHP Group’s 2.3 per cent hit.
Meanwhile, Rolls-Royce and Anglo American both dipped by 2.1 per cent and 1.8 per cent respectively.
Around the world
Global stocks struggled for traction today after a jittery session on Wall Street where cryptocurrencies crashed and a hint of tapering talk from the US Fed drove selling in the bond market.
On Wall Street overnight, the S&P 500 closed 0.3 per cent lower and the Nasdaq was flat, signalling a recovery after each dropped more than 1.6 per cent during the previous session.
Both Euro Stoxx 50 futures and German Dax futures were up 0.64 per cent, pointing to a positive start to the European session.
Meanwhile, Hong Kong’s Hang Seng fell 0.6 per cent, but Japan’s Nikkei rose by 0.2 per cent.