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FTSE 100 falls as mining shares go into reverse | FTSE 100 falls as mining shares go into reverse |
(about 4 hours later) | |
(Noon): London shares edged lower with mining shares shedding some of the gains seen in the previous session. | |
After surging 2.8% on Monday, the FTSE 100 index was down 3.6 points, or 0.06%, to 6,295.32 by lunchtime. | |
Glencore shares continued their recent pattern of big price swings by falling 3.4% to 111.10p. | |
Shares in the mining giant had jumped 21% on Monday following reports that it was to sell its agricultural assets in order to cut debts. | Shares in the mining giant had jumped 21% on Monday following reports that it was to sell its agricultural assets in order to cut debts. |
Other mining shares were also lower, with Anglo American down 1.4% and Antofagasta falling 1.6%. | |
Shares in bid target SABMiller dropped 2.9% after its second-quarter trading update, amid reports that it had rejected a takeover approach from rival AB InBev. | |
SABMiller reported a rise in sales volumes, thanks to growth in Latin America and Africa. | |
However, reported revenues fell by 9% due to the depreciation of emerging market currencies against the US dollar. | However, reported revenues fell by 9% due to the depreciation of emerging market currencies against the US dollar. |
In the FTSE 250, Greggs shares rose 6.6% after the bakery chain reported a 4.9% rise in like-for-like sales for the July-to-September period. | |
On the currency markets, the pound edged up 0.15% against the dollar to $1.5170 but slipped 0.15% against the euro to €1.3519. |