FTSE edges down 0.1 pct around midday; miners weigh

Fri Oct 9, 2009 12:05pm BST
[-] Text [+]

* Miners under pressure as metals prices fall

* Oil majors, drugmakers provide support

* Sept factory gate inflation highest since April

By Harpreet Bhal

LONDON, Oct 9 (Reuters) - Britain's top shares were down 0.1 percent around midday on Friday, with falls in mining stocks just outweighing modest gains in oil majors and drugmakers during a largely directionless session.

At 1053 GMT, the benchmark FTSE 100 .FTSE was 6.62 points lower at 5,148.02, in a see-saw session in which it opened slightly higher before slipping back by mid-morning.

Mining firms were on the backfoot, pressured by falling metals and gold prices, as a strengthening U.S. dollar made commodities more expensive for investors. Antofagasta (ANTO.L: Quote, Profile, Research), Eurasian Natural Resources (ENRC.L: Quote, Profile, Research), Lonmin (LMI.L: Quote, Profile, Research) and Xstrata (XTA.L: Quote, Profile, Research) lost between 2.1 and 2.9 percent.

The dollar rose after Federal Reserve Chairman Ben Bernanke indicated an exit strategy from quantitative easing and low interest rates as the economy improves. [ID:nN08537898]  Continued...

 
ANTO.L
Last:
Change:
Up/Down:
 
by Name by Symbol