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| Version 1 | Version 2 |
|---|---|
| London Market Report | London Market Report |
| (about 4 hours later) | |
| (Close): The FTSE 100 index of leading blue-chip shares closed the day down by 0.36% at 6853.40. | |
| Producers of precious metals were particularly hard hit. Analysts blamed falling prices for gold and silver and adverse currency movements. | Producers of precious metals were particularly hard hit. Analysts blamed falling prices for gold and silver and adverse currency movements. |
| Fresnillo, which owns the world's biggest silver mine, was down 4.5% and Randgold was down 4.2%. | Fresnillo, which owns the world's biggest silver mine, was down 4.5% and Randgold was down 4.2%. |
| "Gold is in no man's land," said Alastair McCaig, market analyst at IG Index. | "Gold is in no man's land," said Alastair McCaig, market analyst at IG Index. |
| He says that investors are concerned that gold could fall below $1,200 dollars an ounce, which would make some gold mines unviable. | He says that investors are concerned that gold could fall below $1,200 dollars an ounce, which would make some gold mines unviable. |
| Gold is currently trading at $1,266 dollars an ounce. | Gold is currently trading at $1,266 dollars an ounce. |
| Heavy metal | Heavy metal |
| In China iron ore prices fell to the lowest level in almost five years, which hit shares in other miners. | In China iron ore prices fell to the lowest level in almost five years, which hit shares in other miners. |
| Rio Tinto fell 0.73% and BHP Billiton was down 0.37%. | Rio Tinto fell 0.73% and BHP Billiton was down 0.37%. |
| BP was 2.59% higher. Shares had slumped 6% on Thursday after a US judge found the firm "grossly negligent" over the 2010 oil spill. | BP was 2.59% higher. Shares had slumped 6% on Thursday after a US judge found the firm "grossly negligent" over the 2010 oil spill. |
| The ruling has made investors cautious over the firm. | The ruling has made investors cautious over the firm. |
| "I'm not buying BP here. The ruling opens up the door in the United States to more fines for BP," said Beaufort Securities sales trader Basil Petrides. | "I'm not buying BP here. The ruling opens up the door in the United States to more fines for BP," said Beaufort Securities sales trader Basil Petrides. |
| "The US government has got its knife out for BP and it's sharpening the blade," he said. | "The US government has got its knife out for BP and it's sharpening the blade," he said. |
| Currency moves | Currency moves |
| On the currency markets the euro was trading 0.13% higher, but still below the $1.30 level. | On the currency markets the euro was trading 0.13% higher, but still below the $1.30 level. |
| It fell below the $1.30 level on Thursday in reaction to a surprise cut in interest rates by the European Central Bank. | It fell below the $1.30 level on Thursday in reaction to a surprise cut in interest rates by the European Central Bank. |
| The Bank also launched a programme to buy private sector debt, in another effort to boost European economies. | The Bank also launched a programme to buy private sector debt, in another effort to boost European economies. |
| The pound was down 0.10% against the dollar at $1.6314. | The pound was down 0.10% against the dollar at $1.6314. |