Ftse turns red as heavyweight miners and banks weaken thebusinessdesk
Market in london got off to a poor start today as the influential
banking and mining sectors both showed firm losses.Retailers were also
under selling pressure, despite betterthanexpected numbers from marks Party Dresses UK
spencer. Amongst the miners kazakhmys proved to be the weakest link
early on, down 54p at 1, 429p, while antofagasta lost 35p at 1, 278p and
xstrata sank 18.5p at 1, 268p.Vedanta resources tumbled 23p at 2, 200p,
despite reporting record secondquarter production. Only the gold
producers made progress, as the price of the precious metal continued
close to its latest record highs, currently trading at $1, 357 an
ounce.Randgold resources ticked up5p at 6, 590p and african barrick rose
3.5p at 641.5p. In the financial world, banking issues were on offer,
with lloyds the runt of the litter, down 1.61p great deals on Prom Dresses
at 74.78p.Barclays slid 5.2p at 301.6p and Royal Bank of Scotland eased
0.8p at 48.69p. Despite betterthanexpected sales figures from iconic
high street name marks spencer, the retail sector showed general
weakness.M said total sales were up 6.5% in the second quarter, lifted
by a stellar performance in clothing.M shares slipped 5.3p at 385.5p,
while Tesco lost 2.8p at 437.85p and Sainsbury fell 2.3p at 384.8p. An
upbeat update from midcap luxury leather goods retailer mulberry, helped
fellow luxury brand burberry to tick up a penny at 1, 006p, while
mulberry shares jumped 75p at 472.5p. Elsewhere, notable early
casualties included plumbing giant wolseley, off 22p at 1, 631p,
temporary power specialist aggreko, down 9p at 1, 580p, and marketing
group wpp, 3.5p lower at 699.5p. On the upside with blue chips,
interdealer icap stormed to the top of the leaderboard, up 5.5p at 455p.
Utilities enjoyed their safetystock status, with international power
ahead 2.5p at 401.8p, Severn Trent 6p better at 1, 326p and United
Utilities up 4p at 587.5p. Elsewhere there were firm gains Ball Gown Wedding Dresses
for pharmaceutical groups, with astrazeneca ahead 17p at 3, 253p and glaxosmithkline 4.5p higher at 1, 277.5p.
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