Mining and oil stocks weigh down FTSE 100

FTSE 100 closes down

Mining stocks weigh on FTSE 100

The FTSE 100 fell 0.5 per cent to 4,137.94 by 08:45 BST as miners reversed their rally, dragging the index lower.
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Monday, 01 September 2008 12:00

Weaker metals and oil prices led to the FTSE 100 closing 33.80 points lower at 5,602.80.

Mining stocks fell the furthest on weakened metals prices. Kazakhmys was down 5.8 per cent to £12.17, while Anglo American dropped 5.18 per cent to £27.80 and Xstrata was down 4.7 per cent to £29.22.

Oil stocks were also affected by a decline in oil prices as Hurricane Gustav was downgraded to a category two storm.

Tullow Oil fell 4.18 per cent, while BP was down 1.47 per cent to 521p.

Risers included British Airways, which was up 4.28 per cent to 261.75p and RSA Insurance, up 3.91 per cent by the close of trade.

British Airways benefited from the fall in oil, as it makes up a significant part of its costs.