FTSE slips back as miners hit

Early gains, led by firms in the pharmaceuticals sector, gave way with the FTSE 100 index trading down more than 1% to 4,856.16 at about 9.45am. Investors locked in profits from mining companies, which have been in favour recently, reflecting a rebound in confidence in the global economy. Eurasian Natural Resources lost more than 5% to 819p, while Lonmin fell 4.8% and Kazakhmys and Antofagasta were both off more than 4%. Insurance firm RSA was also hit, dropping 4.4% to 124.9p after newspaper reports over the weekend suggested it is considering a £600m rights issue. A sell-off...