London markets down despite miners

| May 11, 2006 | 0 Comments

In London on Thursday, the equities markets were down despite gains in the mining sector. The FTSE 100 dropped 0.7 percent to 6,042, while the FTSE 250 was down 0.33 percent to 10,075.4.

In the retail sector Marks & Spencer, which hit an eight-year high on Wednesday, dropped 3.2 percent to 611p after it was said that Icelandic investment company Baugur had sold 40 million M&S shares.

The media sector was mixed. ITV dropped 2.4 percent to 111¼p after Citigroup dropped its rating to “sell” on weak advertising growth. On the other hand, BSkyB added 2.2 percent to 528½p on an upgrade from “underweight” to “equal-weight” from Morgan Stanley after an analyst admitted that he had been wrong about the satellite broadcaster’s growth. The upgrade came only a few days after Sky regained control of TV rights for Premier League football.

Miners were up on the day, with Xstrata adding 3.4 percent to £24.80. Kazakhmys was up 3 percent to £13.70, Antofagasta gained 1.1 percent to £25.53, and BHP Billiton advanced by 0.8 percent to £12.11. Rio Tinto added 1.25 percent to £33.22 on talk that it had appointed advisors ahead of a possible bid for Phelps Dodge.

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