FTSE 100 Movers: Miners drag footsie lower

12th Dec 2011 15:07

Kazakhstan-focused miner, Eurasian Natural Resources (ENRC), hit the bottom spot on reports that it is said to be examining allegations of corruption at a Kazakh iron ore subsidiary - although denied on Sunday that it was the subject of a formal investigation by Britain's Serious Fraud Office (SFO), Reuters reports.ENRC has had a troubled year in the board room following the removal of two city stalwarts from the management team. Sir Richard Sykes and Ken Olisa left after criticising interference from ENRC's owners, who include the Kazakh-Israeli billionaire Alexander Mashkevitch.Xstrata also fell after UBS cut its target on the stock from 1,550p to 1,450p. Mining peers Fresnillo and Kazakhyms were also dropping on falling metal prices. Banks were also on the decline today, with Royal Bank of Scotland (RBS) in focus after the long-awaited report from the Financial Services Authority (FSA) on the near-collapse of the bank which necessitated a government rescue.The FSA highlighted seven factors that contributed to the bank's fall from grace. These included: significant weaknesses in the bank's capital position; over-reliance on risky short-term wholesale funding; concerns about about RBS's underlying asset quality; the disastrous acquisition of ABN Amro.Sector peers Lloyds, Barclays and Standard Chartered were also falling, with the latter not being helped by Investec, which cut its target price for the stock from 1,650p to 1,550p. Meanwhile, British American Tobacco and Imperial Tobacco were both rising high after Investec raised its target prices from 3,100p to 3,300p, and from 2,320p to 2,660p, respectively. Diageo, the makers of Guinness, was in the top spot after the firm launched a TV advertising campaign to promote the popular alcoholic drink. The campaign will show the liquid pouring over the side of a glass whilst the song "I'm dreaming of a white Christmas" plays in the background. The firm has also launched an interactive festive-themed iAd which will allow iPhone users to offer up consumer tips on upcoming events and participate in games and quizzes. Nick Britton, senior brand manager Guinness Western Europe, said: "Guinness is synonymous with the Christmas season, whether it is enjoying a can in front of a festive film or a cold pint of draught at Christmas parties."We hope to really tap into all these drinking occasions, particularly amongst male drinkers who make up a significant number of Guinness drinkers. Men are notoriously hard to buy for and often receive gifts they don't really want, when in many instances they would prefer the simple present of a pint of Guinness." FTSE 100 - RisersDiageo (DGE) 1,376.00p +1.18%GlaxoSmithKline (GSK) 1,439.00p +1.05%Associated British Foods (ABF) 1,095.00p +0.92%British American Tobacco (BATS) 3,023.00p +0.82%Severn Trent (SVT) 1,490.00p +0.81%Next (NXT) 2,615.00p +0.77%Imperial Tobacco Group (IMT) 2,369.00p +0.77%National Grid (NG.) 610.00p +0.74%SSE (SSE) 1,263.00p +0.64%International Power (IPR) 327.10p +0.55%FTSE 100 - FallersEurasian Natural Resources Corp. (ENRC) 633.50p -7.52%Lloyds Banking Group (LLOY) 25.00p -6.44%Inmarsat (ISAT) 399.30p -5.69%Aviva (AV.) 304.90p -5.10%Essar Energy (ESSR) 211.70p -5.02%Schroders (Non-Voting) (SDRC) 1,059.00p -4.94%Xstrata (XTA) 966.20p -4.48%Royal Bank of Scotland Group (RBS) 21.01p -4.46%Fresnillo (FRES) 1,692.00p -4.35%Kazakhmys (KAZ) 903.00p -4.24%NR