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FTSE 100 slides as China data weighs on mining stocks | FTSE 100 slides as China data weighs on mining stocks |
(about 5 hours later) | |
(Close): Mining firms pulled the London market lower as the latest factory data from China indicated that the sector remained weak. | |
An official measure of Chinese factory activity suggested a slight improvement in May, but a private survey indicated continued contraction. | An official measure of Chinese factory activity suggested a slight improvement in May, but a private survey indicated continued contraction. |
The figures hit mining shares in London, with Rio Tinto falling 3.8% and BHP Billiton down 1.9%. | |
The FTSE 100 ended down 38.86 points, or 0.6%, at 6,191.93. | |
However, the biggest faller in the FTSE 100 was plumbing supplies firm Wolseley. Its shares dived 5.5% after it said like-for-like revenues had risen 1% in recent weeks, compared with 2.8% growth in the three months to 30 April. | |
Wolseley said demand in several of its markets remained "subdued" and it was "committed to further restructuring in the UK and Europe". | Wolseley said demand in several of its markets remained "subdued" and it was "committed to further restructuring in the UK and Europe". |
In the FTSE 250, shares in Halfords fell 7.2% after the car parts and bicycle retailer reported flat full-year profits. | |
Underlying pre-tax profits at the retailer rose by just 0.5% to £81.5m in the year to 1 April. | Underlying pre-tax profits at the retailer rose by just 0.5% to £81.5m in the year to 1 April. |
On the currency markets, the pound fell 0.7% against the dollar to $1.4388, and dropped 0.9% against the euro to €1.2893. |