FTSE 100 Movers: Miners drag index down

14th Dec 2011 14:19

Miners were among the worst performers. Dollar-denominated metals prices were on the decline as the greenback strengthened following the Federal Open Market Committee (FOMC) statement. Fresnillo, Rio Tinto, ENRC and Antofagasta were all registering steep falls.Last night, the FOMC decided, as expected, to keep interest rates on hold and said the US economy was making modest progress as global growth slows. It also said it would not be initiating any new stimulus measures to bolster growth.Providing further downward pressure on Fresnillo was the FTSE Group which announced that all UK-incorporated constituents on the FTSE All-Share index will now have to increase their free float from 15% to 25%. Fresnillo is one of five stocks whose free floats currently fall below 25% - they will be given 24 months to meet the new target.Advertising conglomerate WPP was heading lower after reporting that it has added independent Singapore public relations firm XPR to its ever growing empire. The firm said Cohn & Wolfe, its own public relations group, had agreed to acquire a majority stake in XPR, which has offices in Singapore, Malaysia and Indonesia for an undisclosed sum. Automotive engineer GKN was also a heavy faller on news that the Chinese Ministry of Commerce will impose punitive duties on some automobile imports from the US. Some observers are claiming that the announcement is a reaction to the World Trade Organization's recent decision to reject a Chinese appeal to a ruling against US duties on its tire exports. Next was in the top spot, perhaps given a boost by Tuesday's decision by Investec to keep its buy stance and 2,995p target. Morrisons' shareholders had a definite reason to celebrate after the supermarket chain said it aims to create more than 7,000 new jobs in 2012 as it opens more stores and develops its manufacturing and logistics arms. The company plans to open 25 new stores in 2012 and said many of the new posts would be 'craft skills' jobs such as butchery, bakery and fishmongery.British American Tobacco was on the up with investors seeking 'safe haven' defensives, as risk appetite decreased.FTSE 100 - RisersNext (NXT) 2,616.00p +1.00%British American Tobacco (BATS) 3,046.00p +0.83%Morrison (Wm) Supermarkets (MRW) 317.60p +0.47%Lloyds Banking Group (LLOY) 24.79p +0.28%National Grid (NG.) 608.00p +0.25%Resolution Ltd. (RSL) 252.50p +0.24%Bunzl (BNZL) 856.00p +0.12%Reed Elsevier (REL) 510.00p +0.10%Whitbread (WTB) 1,515.00p +0.07%FTSE 100 - FallersFresnillo (FRES) 1,561.00p -7.14%GKN (GKN) 170.80p -4.37%Ashmore Group (ASHM) 312.70p -4.31%Essar Energy (ESSR) 198.20p -4.07%Antofagasta (ANTO) 1,137.00p -3.48%Eurasian Natural Resources Corp. (ENRC) 625.00p -3.47%Randgold Resources Ltd. (RRS) 6,535.00p -3.47%Barclays (BARC) 172.95p -3.16%Rio Tinto (RIO) 3,089.50p -3.00%Land Securities Group (LAND) 618.00p -2.98%NR