Mining stocks drag FTSE 100 lower
Mining stocks drag FTSE 100 lower
Wednesday 26th August 2009
The mining sector continued to weigh on the FTSE 100, reversing some of yesterday's gains.The blue-chip index dipped 0.12 per cent to 4,910.70 by 09:00 BST, led by advertising firm WPP, which was down by 3.17 per cent on news first-half sales have worsened.
But it was energy and mining stocks that dominated the index, as lower commodity prices continued to weigh on the sector.
Silver miner Fresnillo fell 3.06 per cent, followed by Tullow Oil, which was down by 2.92 per cent and Xstrata, down by 1.74 per cent.
Among the risers, Royal Bank of Scotland surged 5.58 per cent, after announcing cost-cutting pension reforms, while Serco was up by 3.27 per cent as first-half profit came in ahead of expectations for the services support group.
Over in the US, Wall Street finished higher again, with the Dow Jones up by 0.32 per cent and the S&P 500 up by 0.24 per cent.
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