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FTSE 100 dragged lower by miners after weak China data | |
(about 1 hour later) | |
(Open): The UK market fell, with shares among mining companies dropping after China released weak trade figures over the weekend. | |
The news hit mining firms as China is the world's largest importer of metals. | |
The sector was also affected by a downbeat assessment from broking firm Investec, which lowered its forecast for commodity prices because of the weakness in China's economy. | |
BHP Billiton shares fell 2.4% and Anglo American dropped 2.3%. | |
After starting the day higher, the FTSE 100 then reversed direction and stood 40.19 points lower at 6,678.30. | |
Shares in Dixons Carphone fell 1.2% after the company said its Carphone Warehouse business had been hit by a cyber-attack. | |
On Saturday, it said personal details of up to 2.4 million of its customers could have been accessed in the attack. | On Saturday, it said personal details of up to 2.4 million of its customers could have been accessed in the attack. |
Engineering group Meggitt rose 0.5% after it agreed to buy the advanced composites businesses from Cobham for $200m. | |
In the FTSE 250, shares in Esure dived 9.6% after the insurance group reported a 21% fall in underlying half-year pre-tax profits to £46.5m. | |
The main factor in the decrease was a big fall in profits at its motor insurance business, and the company said it would look to increase premiums. | The main factor in the decrease was a big fall in profits at its motor insurance business, and the company said it would look to increase premiums. |
Chief executive Stuart Vann said: "The claims environment in the motor market continues to deteriorate and as a consequence we will seek to implement further rate increases in the second half of the year as we look to mitigate against these trends." | Chief executive Stuart Vann said: "The claims environment in the motor market continues to deteriorate and as a consequence we will seek to implement further rate increases in the second half of the year as we look to mitigate against these trends." |
On the currency markets, the pound fell 0.1% against the dollar to $1.5478 and also dropped 0.1% against the euro to €1.4124. |