FTSE dragged down by mining stocks

Wednesday, 21 April 2010 11:25

By myfinances.co.uk staff

The FTSE 100 Index has lost 13.21 points, or 0.2 per cent, to 5,770.48 led by miner BHPBilliton, as copper retreated for the fourth time in five days on the London Metal Exchange.

BHP Billiton dropped 1.2 per cent to 2,154p as copper retreated for the fourth time in five days on the London Metal Exchange.

Separately, the company said it found evidence of possible breaches of anti-corruption laws after the US Securities and Exchange Commission requested information for an investigation.

BHP identified "possible violations of applicable anti-corruption laws involving interactions with government officials," the company said.

Rio Tinto Group, the third-largest mining company, slipped 0.8 per cent to 3,767p.

Meanwhile, UK unemployment fell more than economists forecast in March. The number of people collecting jobless benefits fell 32,900 from February to 1.54 million, the Office for National Statistics said today.

Marks & Spencer lost 2.1 per cent to 379.3p as the retailer's shares were cut to "underperform" from "neutral" by Bank of America Merrill Lynch.

Game Group plummeted 12 per cent to 89.3p, the largest decline since December. The UK's biggest electronic games retailer said Lisa Morgan stepped down as chief executive officer, and Chris Bell, a non-executive director, will become interim chief executive. Pre-tax profit dropped 28 per cent to £84.2 million in the year ending January 31st, Game Group said.

ARM rose 3.3 per cent to 251p. Apple Chief Executive Officer Steve Jobs, after saying profit almost doubled last quarter, tantalized investors with the promise of "extraordinary" new products that analysts say may include an overhauled Apple TV.

British Airways climbed 1.3 per cent to 236.9p as UK airports including London Heathrow ended six days of closures caused by a cloud of volcanic ash from Iceland.

Tesco, Britain's biggest retailer, rose 1.6 per cent to 437.75p. The shares were raised to "hold" from "sell" at Societe Generale SA, while Credit Suisse Group SA lifted a price estimate on the stock to 460p from 400p.

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