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Britain’s FTSE slips as mining stocks weaken

Bauxite Mining

Britain’s top equity index edge down on Friday as a pullback in mining stocks weighed on the market, which had risen for the last three sessions in a row.

The blue-chip FTSE 100 index was down 0.1 percent at 6,661.53 points going into the middle of the trading session.

Mining stocks such as Antofagasta and Glencore were among the worst performers as copper and metals prices dropped on persistent worries about demand in China.

China is the world’s biggest metals consumer but a sharp sell-off in its stock market over the last few weeks has raised concerns over the economy, which in turn has impacted mining stocks.

“With Chinese shares seeing their worst month in 6 years, it’s hardly surprising that investors aren’t keen to hold onto their commodity shares going into August,” said Spreadex analyst Connor Campbell.

ITV rose 2.5 percent, making it one of the best performing stocks, after European cable operator Liberty Global increased its stake to 9.9 percent, but said it still had no intention of taking over ITV.

Shares in InterContinental Hotels slipped back 3.5 percent, after having climbed 4.6 percent in the previous session, after the company said it was not in merger talks with Starwood Hotels.

Ryan Mitchell, senior investment manager at Logic Investments, said he was going ‘long’ by betting on the FTSE rising up to 6,900 points, although he cautioned that concerns over Chinese economic growth remained a risk.

“The FTSE looks well supported due to some good earnings that have come out lately. I’d be looking to buy any dip in the market,” he said.

Reuters

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