FTSE 100 falls as mining stocks slide

http://www.bbc.co.uk/news/business-34941798

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Mining shares dragged the FTSE 100 lower, with Anglo American leading the falls after it said it would shut its Drayton coal mine in Australia.

Anglo American shares fell 5%. It said it was closing the mine after a state body recommended that an expansion plan should be blocked.

The FTSE 100 index was down 18.11 points at 6,375.02.

Other mining shares were also lower, following more disappointing economic data from China.

Chinese industrial profits fell 4.6% in October, the fifth month in a row they have fallen.

Shares in Rolls-Royce rose 1.8%, with analysts citing the increase in global security concerns as the reason why stocks with exposure to the defence industry were doing well.

The FTSE 100 index was down 31.80 points at 6,361.33.

On the currency markets, the pound fell after figures confirmed that the UK economy grew by 0.5% in the third quarter. That was a slowdown from the rate of 0.7% in the previous quarter, with the trade deficit weighing on growth.

The pound fell more than half a cent against the dollar to $1.5034, and was down 0.2% against the euro at €1.4205.