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Mining shares up on Rio Tinto offer Airline shares hit by Ebola fears
(about 3 hours later)
(Open): Shares in mining companies rose on news that Rio Tinto had rejected a bid from Glencore, but poor industrial output figures from Germany pushed the wider market lower. (Noon): Shares in airlines have fallen sharply on worries that demand for travel will be hit by news of an Ebola case in Madrid.
Rio Tinto shares jumped 5.3% after the mining company said it had rejected a takeover bid from Glencore. British Airways owner IAG fell 5.4% and Easyjet was down 4.6%. Worries over the possible impact on travel also hit Intercontinental Hotels, down 2.4%.
Shares in Glencore fell 0.2%, but among other mining firms Anglo American climbed 2% and Randgold rose 1.5%. AIG and Easyjet were the biggest fallers on the FTSE 100, with the index down 41.22 points at 6,522.43.
However, the benchmark FTSE 100 index was down 37.75 points at 6,525.90. Investor confidence was also hit by gloomy figures from Germany.
Investor confidence was hit by official figures from Germany showing that industrial production shrank 4% in August, the biggest fall since early 2009. Official figures showed that German industrial production shrank 4% in August, the biggest fall since early 2009.
The news sent markets lower across Europe, with Germany's Dax index down 0.7% and France's Cac 40 dropping 0.6%. Markets were trading lower across Europe, with Germany's Dax index down 0.8% and France's Cac 40 dropping 1.1%.
In the FTSE 250, shares in Cairn jumped 10.6% after the company said that it, together with joint venture partners, had discovered oil in a well offshore from Senegal. However, the mining sector was enjoying a strong day following news of Glencore's bid for Rio Tinto.
But shares in telecoms testing firm Spirent Communications sank 18% after it said third-quarter revenues were only expected to see a small rise. Rio Tinto shares climbed 4.8% after the mining company said it had rejected a takeover bid from Glencore.
Shares in Glencore fell 1.5%, but among other mining firms Anglo American climbed 2.2% and Randgold rose 0.9%.
In the FTSE 250, shares in Cairn jumped 8% after the company said that it, together with joint venture partners, had discovered oil in a well off the coast of Senegal.
But shares in telecoms testing firm Spirent Communications sank 19% after it said third-quarter revenues were only expected to see a small rise.
"Trading conditions softened in the latter part of the third quarter in the United States and China," Spirent said."Trading conditions softened in the latter part of the third quarter in the United States and China," Spirent said.
"Demand levels dipped sharply as a result of merger activity and delays in capital expenditure.""Demand levels dipped sharply as a result of merger activity and delays in capital expenditure."
On the currency markets, the pound rose 0.16% against the euro to 1.2730 euros and edged up 0.03% against the dollar to $1.6090. On the currency markets, the pound fell 0.16% against the dollar to $1.6058 but rose 0.36% against the euro to €1.2755..