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FTSE 100 falls as yuan devaluation hits miners and Burberry FTSE 100 falls as yuan devaluation hits miners and Burberry
(about 5 hours later)
(Noon): The UK market was lower by midday, with shares in mining firms and fashion house Burberry down following China's devaluation of the yuan. (Close): The UK market fell 1.1% on Tuesday, led downwards by mining firms and fashion house Burberry following China's devaluation of the yuan.
The surprise devaluation is set to make imports into China more expensive, hitting companies such as Burberry, for which China is a major market. Positive news on a technical agreement in Greece's bailout deal failed to make an impression.
Burberry shares fell 2.7% and the FTSE 100 dropped 51.27 points to 6,684.95. The FTSE 100 index dropped 71.68 points to 6,664.54.
Among mining companies, for which China is also a key market, BHP Billiton fell 3.3% while Glencore was 2.5% lower. Four of the top five fallers on the FTSE 100 were mining companies for which China is a key market.
However, miners of precious metals saw their shares rise after the gold price hit a three-week high. Glencore was the biggest casualty, falling 7.3%. BHP Billiton fell 5% .
Randgold Resources was the top riser in the FTSE 100, climbing 2.8%, while Fresnillo was 2.5% higher. The surprise devaluation will make imports into China more expensive, hitting retail companies such as Burberry.
In the FTSE 250, shares in Serco reversed earlier gains to stand down 1.1%, after the outsourcing group said revenues in the first six months of the year fell to £1.8bn from £2bn a year earlier. Burberry, which has some 14% of its sales in China, saw its shares fall 4.4%.
On the upside, Prudential reversed an early fall to climb 4.7% after releasing a 17% rise in first-half operating profit.
And the gold price rose almost 2% as investors looked for safe haven investments away from volatile currencies and equities.
Miners of precious metals saw their shares rise. Randgold Resources and Fresnillo were both some 0.5% higher.
Base metal miners were also the biggest losers in the midcap FTSE 250. Vedanta fell 7.6%. Kaz Minerals was down 6.75%.
Shares in Serco reversed earlier gains to end down 1.2%, after the outsourcing group said revenues in the first six months of the year fell to £1.8bn from £2bn a year earlier.
Serco is attempting to revive its fortunes following problems with a number of failed contracts, including a scandal over tagging criminals.Serco is attempting to revive its fortunes following problems with a number of failed contracts, including a scandal over tagging criminals.
Shares in Just Retirement Group rose at first but then fell back to stand 1.7% lower after the company announced it had agreed to buy rival Partnership Assurance for £669m. Shares in Just Retirement Group rose in early trading but then fell back to stand 5.5% lower after the company announced it had agreed to buy rival Partnership Assurance for £669m.
On the currency markets, the pound fell 0.1% against the dollar to $1.5576, and was down 0.2% against the euro at €1.4121. On the currency markets, the pound fell 0.2% against the dollar to $1.5560, and was down 0.2% against the euro at €1.4130.