FTSE 100 Movers: Miners drag footsie lower

24th Aug 2012 15:38

Mining stocks were heavy fallers with Kazakhmys, Rio Tinto, ENRC, Antofagasta, Anglo American, Vedanta, BHP Billiton and Randgold falling sharply, tracking various metal prices lower. ??Anglo American dropped after Jefferies downgraded the stock this morning from 'buy' to 'hold' despite yesterday's news that it had resolved a 10-month dispute with Codelco relating to assets in Chile. "While this outcome should be a modest positive for Anglo, we are increasingly concerned about the fundamental outlook for the company," the broker said. ?? Financials were also out favour with fund manager Ashmore among the worst performers after Citigroup lowered its rating to 'sell'. ?? Global banking group HSBC was under the weather on rumours that it is in talks about a settlement concerning the allegations of laundering funds of sanctioned countries such as Iran and Sudan. Meanwhile, Marks & Spencer rose on reports that CVC Capital Partners has considered taking the clothing and food chain private, according to people 'close to the matter'. CVC is believed to have approached executives about taking on a management role as part of a takeover. No further steps towards a bid have taken place, reports said. Utilities stocks were benefitting from as risk appetite is scaled back. National Grid gained after Nomura said that the stock remains a top pick in the European utilities sector. It is a "compelling growth story [with] rising visibility".? FTSE 100 - RisersMarks & Spencer Group (MKS) 366.20p +2.72%Centrica (CNA) 327.40p +1.30%Reckitt Benckiser Group (RB.) 3,600.00p +1.07%Smith & Nephew (SN.) 664.50p +0.99%SSE (SSE) 1,356.00p +0.82%Kingfisher (KGF) 285.20p +0.81%Aggreko (AGK) 2,277.00p +0.80%United Utilities Group (UU.) 713.00p +0.78%Shire Plc (SHP) 1,938.00p +0.73%Standard Chartered (STAN) 1,404.50p +0.72%FTSE 100 - FallersAshmore Group (ASHM) 331.30p -4.39%Eurasian Natural Resources Corp. (ENRC) 337.50p -3.98%Anglo American (AAL) 1,873.00p -3.53%Barclays (BARC) 184.80p -3.25%Evraz (EVR) 247.00p -2.99%Weir Group (WEIR) 1,688.00p -2.99%Kazakhmys (KAZ) 660.50p -2.94%Royal Bank of Scotland Group (RBS) 222.00p -2.59%Petrofac Ltd. (PFC) 1,457.00p -2.35%Rio Tinto (RIO) 2,889.00p -2.30%NR