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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)
(Open): The London market opened lower with mining shares shedding some of the gains seen in the previous session. (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 dropped 34.76 points, or 0.55%, to 6,264.16 in early trade. 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 5.8% to 108.35p. 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 2.3% and Antofagasta falling 2.1%. Other mining shares were also lower, with Anglo American down 1.4% and Antofagasta falling 1.6%.
Shares in bid target SABMiller dropped 1.7% after its second quarter trading update. The company - which received a takeover approach from A-B InBev last month - reported a rise in sales volumes thanks to growth in Latin America and Africa. 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 5% after the bakery chain reported a 4.9% rise in like-for-like sales for the July-to-September period. 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 0.07% against the dollar to $1.5158 but slipped 0.17% against the euro to €1.3516. 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.