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Friday 02nd of October 2009
January 3, 2007    

UK miners drop on profit taking

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by Elaine Frei

The London equities markets made little headway on Wednesday as investors took profits and waited to see new data from out of the United States before spending too much money. At midday, the FTSE 100 was 0.1 percent higher to 6,315.9, while the FTSE 250 was up just 4.1 points to 11,316.6. By the end of the day the 100 had managed just a bit more, closing up 0.13 percent to 6319.

Miners were down during the day, caught up in the profit taking. Vedanta Resources dropped 4.5 percent to £11.75, while Xstrata fell 4.6 percent to £24.48 and Antofagasta was 5.2 percent lower to 489p.

Shares in tobacco companies were higher after falling on Tuesday on the news that government officials in the UK are thinking about raising the legal smoking age from 16 to 18. Imperial Tobacco added 0.9 percent to £20.55, while British American Tobacco gained 1.4 percent to £14.80.

The financial sector was up as well after UBS issued positive comments on the sector as a whole. Northern Rock was 1.4 percent higher to £12.10, while Alliance & Leicester also added 1.4 percent, to £11.69. Royal Bank of Scotland gained 1.8 percent to £20.73.

Retailers also saw gains. Next added 1.3 percent to £18.65, while DSG International was 1.7 percent higher to 198¾p.

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