FTSE loses early gains as mining sector stalls

In the mining sector, a positive start ended on a flat note with BHP Billiton making only a small gain of 0.06% up to 818p. Xstrata and Antofagasta managed to hold on to some gains, with Xstrata moving up 0.45% to 1,354p while Antofagasta advanced 0.61% to 1,479p. Rio Tinto received a further boost of 1.09% to 2,218p, after announcing a $1.35bn expansion of its iron ore operations in Western Australia. Oil stocks such as BP and Royal Dutch Shell were amongst the major fallers as crude oil prices fell by over a $1, closing in on the $63 a barrel mark. BP fell 1.51% to 620p, while Shell dr...