Market Report: China slowdown spells dips for mining sector

 

China continues to show off its influence over the London market as some of the big miners took a heavy dent on the first day when most trading desks were full after the festive celebrations.

A slowdown Chinese manufacturing data meant five of the top 10 fallers came from the mining sector.

Silver producer Fresnillo led the fallers, down 36p to 735.5p, followed by copper miner Antofagasta, down 34p to 787p. Randgold Resources fell 138p  to 3,820p, Rio Tinto 104p to 3,266p and Anglo American 22p to 1,275p.

J Sainsbury and Marks & Spencer both had a wobble ahead of their results later this week, as the markets can’t quite make up their minds as to whether it was a successful Christmas or not.

For J Sainsbury, down 6.2p to 369.6p, the smart money is on the supermarket reporting its first fall in like-for-like sales for 36 quarters. While M&S, down 3.7p 440.3p, has failed to convince anyone that its Christmas clothing sales will be anything other than poor, helped only by its food offering faring well.

However, despite the miners and retailers dropping, the FTSE 100 closed up 0.06 points at 6,730.7 thanks, in part, to the storming recovery by insurance giant RSA.

Investors in the company have faced a hair-raising ride over the past few months, with three profit warnings, a chief executive who fell on his sword, and £200m unaccounted for out of the company’s Irish offices.

But there appears to be a little light at the end of the tunnel after a leaked early copy of an independent report by PwC suggested the problem was an “isolated” incident and no further write-downs will be needed. Shares closed up an impressive 5.75p at 98.4p.

Elsewhere, the pub group Punch Taverns, up 1p at 12.75p, said its non-core estate of smaller pubs that make it less money are doing better than expected and will be sold off at a slower rate than previously thought. Punch wants to sell 1,106 pubs by 2019 and raise about £309m. But profits in these pubs slid by only 5 per cent, less than expected.

RM2 International, a pallet developer, manufacturer and supplier, which boasts city grandees Paul Walsh and Sir Stuart Rose on its board, rose 9p to 97p.

News
peopleFrankie Boyle responds to referendum result in characteristically offensive style
Arts and Entertainment
tvHighs and lows of the cast's careers since 2004
News
news
New Articles
i100
PROMOTED VIDEO
Life and Style
Couples have been having sex less in 2014, according to a new survey
life
Arts and Entertainment
musicHow female vocalists are now writing their own hits
Arts and Entertainment
'New Tricks' star Dennis Waterman is departing from the show after he completes filming on two more episodes
tvHe is only remaining member of original cast
News
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam