FTSE 100 movers: Miners and insurers sold off

23rd Apr 2012 09:51

Miners are taking a hammering after the HSBC preliminary flash purchasing managers' index (PMI) rose from 48.3 to 49.1 in April but still remained under the crucial 50-point level, which shows that the industry is still contracting. "This suggests that the earlier easing measures [from Beijing] have started to work, and hence should ease concerns of a sharp growth slowdown," according to HSBC's chief China economist Hongbin Qu.With global markets in retreat, hedge fund manager Man Group is being sold off. Insurer Prudential is also friendless as rumours surface that the company is eyeing the insurance business of Thailand's Thanachart Bank, valued at about £310m. Elsewhere in the insurance sector, Old Mutual is showing up as a big faller after its share consolidation, following the completion of the sale of the Skandia Nordic business to Skandia Liv.One of the few bright spots is mobile phone network operator Vodafone, which has persuaded the directors of Cable & Wireless Worldwide (CWW) to back a £1,044m bid. Voda is offering 38p cash per CWW share, much to the pleasure of many CWW shareholders who had seen their shares sink below 15p in November of last year. FTSE 100 - RisersBritish Sky Broadcasting Group (BSY) 685.50p +1.63%Vodafone Group (VOD) 171.80p +0.17%Reckitt Benckiser Group (RB.) 3,622.00p +0.06%FTSE 100 - FallersOld Mutual (OML) 146.70p -13.56%International Consolidated Airlines Group SA (CDI) (IAG) 165.80p -3.49%Vedanta Resources (VED) 1,194.00p -3.48%Man Group (EMG) 92.55p -3.29%Royal Bank of Scotland Group (RBS) 23.23p -3.29%Rio Tinto (RIO) 3,434.00p -3.19%Prudential (PRU) 739.00p -3.08%Evraz (EVR) 367.20p -2.88%Eurasian Natural Resources Corp. (ENRC) 549.00p -2.66%Tullow Oil (TLW) 1,471.00p -2.58%JH