FTSE in the pits as miners drag it down

Tuesday, 24 November 2009 05:36

The FTSE 100 Index closed down 31.54 points, or 0.59 per cent, to 5323.96 31.54 this afternoon led by mining stocks and travel firms.

Rio Tinto Group and Vedanta Resources were the biggest losers as copper decreased on the London Metal Exchange.

Rio Tinto, the world's third biggest mining company, slipped 93p, or 2.85 per cent to 3172p. Meanwhile, Vedanta lost 64p or 2.6 per cent to 2355p.

Losses on the FTSE were limited by Lloyds Banking Group, the U.K.'s biggest mortgage lender, which outlined plans today to raise £13.5 billion in the country's biggest rights offering by selling shares at a 59.5% discount. Lloyds closed out the day 2.34p, or 2.56 per cent, up at 93.81p.

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