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FTSE 100 dragged lower by mining firms and supermarkets | |
(about 3 hours later) | |
(Noon): Mining firms and supermarkets helped to drag the UK market lower. | |
Mining shares were under pressure due to a number of factors, including disappointing trade data from China and falling metals prices. | |
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. | 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. |
The FTSE 100 index was down 48.03 points at 6,670.46. | |
Among the mining firms, Anglo American dropped 2% while BHP Billiton was down 1.9%. | |
Supermarket shares were also lower, with Tesco and Sainsbury's both dropping by about 2%. | |
Shares in Dixons Carphone fell 0.8% 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 edged up 0.1% 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. | 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 $1.5472 but rose 0.1% against the euro to €1.4148. |