A rather sluggish start for the FTSE100 this morning as the mining sector gives up some of the strong gains made earlier in the week. The index is currently 27.20 points (0.44%) lower to 6154.40.
Kazakhmys is leading the decline for the miners, dipping 2.98% to 1724 so far. Compatriots Vedanta and BHP Billiton have also stated in the red, down 2.87% to 2572 and 2.8% to 2051.
Concerns the solid recent trading seen may be coming to an end has hit interdealer broker ICAP early, 2.9% behind to 586.50.
Cable and Wireless is building on yesterday’s solid gains, up 1.85% to 159.50; while insurer Friends Provident is also doing well, 1.66% ahead to 116.10.
In New York, Wall Street experienced a rather steady day with mixed reports leading to investor caution on Thursday. The Dow Jones IA closed 24.43 points higher (0.19%) to 12625.62.
Citigroup led a host of financials in the black today following the UBS rights issue announcement, closing 3.13% up to 21.72.
Insurer AIG, which has its own rights issue call last week, also crept ahead in late trading, up 2.3% to 37.81.
Coca Cola also enjoyed a good day at the office; the Tokyo headquartered drink conglomerate closed 2.86% higher to 58.27.
A further cutback from car giant Ford led rival General Motors to suffer, down 3.61% to 18.43; while Alcoa continued its recent struggles, down 2.16% to 40.80.
In Tokyo, the Nikkei 225’s weekly loss dropped to 1.5% following slight gains on the last trading day. The index closed Friday up 33.74 yen (0.24%) to 14,012.20.
It was a poor day elsewhere in Asia/Pacific, with Hong Kong’s Hang Seng 290.15 points (1.16%) lower to 24,752.97 and Sydney’s S&P/ASX 200 fell 58.90 points (1.01%) to 5,768.IFAonline
What made financial headlines over the weekend?
Q2 net sales dropped almost 50%
‘Important to have an anchor’
Lack of innovation for solutions