The heavy weighting of the top-share index towards commodity plays hampered the Footsie today as mining shares took a pounding.
The FTSE 100 was down 25 at 7,064, with fallers outnumbering risers by three-to-one among the index’s constituents.
Mining stocks were prominent among the laggards, as US broker Citigroup wielded the axe on the sector with a research tome titled ‘End of the Iron Age.’
Financials did better, with HSBC (LON:HSBA) 1% higher at 618p after an upgrade from Morgan Stanley to ‘equal weight’, while Aviva (LON:AV.), up 1.2% at 561.5p, enjoyed its first day as official owner of Friends Life.
It has negotiated a farm–out of 75% of its acreage in the North Falklands Basin to Noble Energy and Edison International.
The news saw the company’s stock market value increase by a quarter.Epistem Holdings (LON:EHP) was another big mover, adding more than 20% to 320p after it moved closer to the launch in India of its diagnostic product for tuberculosis.
Shares in veterinary products firm Eco Animal Health (LON:EAH) surged close to 17% today on the back of news profits for the year were likely to exceed analysts’ expectations.
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