FTSE 100 movers: Miners down on Japanese data

22nd Aug 2012 14:32

Metals and mining stocks dropped today after Japanese trade data disappointed, weighed on the outlook for demand. BHP Billiton fell after saying that weakness in commodity markets and industry-wide cost pressures resulted in earnings declining in the first half. The group also decided against spending up to $30bn on a uranium and copper mine extension in South Australia. Analysts at JP Morgan have downgraded Anglo American to underweight from neutral. Labour unrest in South Africa's platinum belt spread on Wednesday, writes Reuters. More specifically, it cites how the world's top platinum producer, Anglo American Platinum, has said today that it has received a demand for a pay increase from its South African workers, while a trade union said miners at Royal Bafokeng Platinum's Rasimone site were blocked from reporting to work by colleagues. Evraz, Fresnillo, Kazakhmys and Rio Tinto were also heavy fallers, while ENRC was lower after going ex-dividend and being downgraded by both UBS and Citigroup to 'neutral'. Concerns over Chinese steel prices could also be weighing down on the sector. Meanwhile, emerald miner Gemfields made small gains after it said a new focus on waste mining and previously reported delays meant production at its mines was down a third in the last year. FTSE 100 - RisersDiageo (DGE) 1,695.50p +0.68%Gemfields (GEM) 37.00p +0.68%SSE (SSE) 1,346.00p +0.60%Tullow Oil (TLW) 1,381.00p +0.44%National Grid (NG.) 699.00p +0.22%Polymetal International (POLY) 969.00p +0.21%FTSE 100 - FallersEurasian Natural Resources Corp. (ENRC) 356.00p -3.84%Kingfisher (KGF) 283.70p -3.50%Anglo American (AAL) 1,914.00p -3.48%CRH (CRH) 1,125.00p -3.35%Vedanta Resources (VED) 934.50p -3.31%Fresnillo (FRES) 1,529.00p -3.29%Kazakhmys (KAZ) 711.50p -3.20%Evraz (EVR) 257.60p -3.08%ICAP (IAP) 326.40p -3.06%IMI (IMI) 885.50p -2.91%NR