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FTSE 100 pulled lower by mining firms | FTSE 100 pulled lower by mining firms |
(about 4 hours later) | |
(Noon): Mining shares fell, dragging the market lower, but Shire shares jumped after it reported encouraging results for a new treatment. | |
Shortly before midday, the FTSE 100 was down 17.52 points at 6,399.50. Among the mining firms, Anglo American fell 3% and BHP Billiton was down 2.1%. | |
Shire rose 5.6% after the drug firm reported positive results for its dry-eye disease drug Lifitegrast. | |
Shire is trying to get the drug approved by US regulators. | |
Shares in oil giant BP were 0.8% higher after its third-quarter results beat analysts' forecasts. | |
The company reported underlying profits of $1.8bn, down from $3bn a year earlier but well above predictions of $1.2bn. | The company reported underlying profits of $1.8bn, down from $3bn a year earlier but well above predictions of $1.2bn. |
In the FTSE 250, shares in TalkTalk rebounded 10% following after two days of heavy falls. The firm's share price has been hit since it emerged last week that it had been the victim of a cyber-attack. | |
Among small-cap firms, shares in Chemring plunged by nearly a third after the defence contractor warned revenues from a contract in the Middle East could be delayed. | |
On the currency markets, the pound weakened slightly after figures showed the UK economy slowed slightly more than expected in the third quarter. | |
The economy grew by 0.5% in the July-to-September period, down from 0.7% in the previous quarter and below forecasts of 0.6%. | |
Sterling was down 0.1% against the dollar at $1.5333 and dropped 0.16% against the euro to €1.3868. |