Following the price of oil on the futures market pushing through the $41 per barrel mark overnight, the FTSE 100 index has this morning shed about 15 points to 4,438.
Rio Tinto is down 26p to 1,231p after it and other coal miners were hit by an Australian government decision not to allow trading in coal quotas to cut queues of ships loading coal at the world’s busiest such port north of Sydney.
Xstrata, another miner, is down 7.5p to 645p.
BOC is down 12p to 875.5p despite reporting a 30% rise in quarterly profit yesterday. Investors are shying away following other news of an asbestos case loss in the US.
SABMiller is down 5p to 596.5p after another investment bank recommended investors sell shares in a Chinese brewer the company wants to acquire, indicating SABM may be paying over the odds.
Dixons has jumped 2.25p to 149p after Credit Suisse First Boston upgraded the stock to “outperform”.
Royal & Sun Alliance is up another 1p to 81p.
Regus, the supplier of office space, is up 3.75p to 66.25p, leading the FTSE 250 index up about 2 points to 6,012.
Stanley Leisure is down 24p to 443p after the company released a poor trading statement.
Stocks were mixed in the US overnight. The Dow Jones Industrial Average index dropped 34.42 points to 1,0010.74, but Nasdaq’s Composite index managed a 0.44 points gain to 1,926.03.
Asian markets were also mixed, with Tokyo’s Nikkei 225 index gaining 24.53 points to 10,849.63, but Hong Kong’s Hang Seng index shedding 113.86 points to 11,283.08.IFAonline
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