FTSE 100 movers: Miners drag index lower

24th Sep 2012 13:02

Miners were leading the fallers by the afternoon, following a call from analysts at JP Morgan to take profits in the sector because stalling economic growth in the US and more significantly in China, are expected to offset the US Fed´s third round of asset purchases. JP Morgan analysts have specifically recommended avoiding shares of Khazakmys and Anglo American. The latter is also moving lower after downgrades from Bank of America-Merrill Lynch and Citi to neutral, from buy.. Meanwhile, fund manager Aberdeen Asset Management saw its assets under management (AuM) edge up in the first two months of the second half of the year. AuM at the end of August stood at £184.3bn, up from £182.7bn at the end of June. Gross new business during July and August totalled £6.1bn, but overall the group saw a net outflow of £0.1bn, pushing the share price lower. FTSE 100 - RisersShire Plc (SHP) 1,828.00p +0.77%AstraZeneca (AZN) 2,962.50p +0.70%GlaxoSmithKline (GSK) 1,446.50p +0.66%Smith & Nephew (SN.) 690.00p +0.58%Smiths Group (SMIN) 1,051.00p +0.57%Centrica (CNA) 338.40p +0.36%Reckitt Benckiser Group (RB.) 3,612.00p +0.36%BP (BP.) 442.50p +0.34%United Utilities Group (UU.) 724.00p +0.28%Polymetal International (POLY) 1,085.00p +0.28%FTSE 100 - FallersEurasian Natural Resources Corp. (ENRC) 328.00p -4.79%Evraz (EVR) 261.20p -3.94%Fresnillo (FRES) 1,770.00p -3.44%Vedanta Resources (VED) 1,049.00p -3.41%Anglo American (AAL) 1,878.50p -3.07%Kazakhmys (KAZ) 709.00p -2.74%GKN (GKN) 219.90p -2.70%Glencore International (GLEN) 352.25p -2.69%Antofagasta (ANTO) 1,247.00p -2.27%Royal Bank of Scotland Group (RBS) 269.60p -2.25%NR