London close: Mining stocks drag FTSE 100 lower

26th Nov 2013 16:29

- Mining stocks track metals prices lower- Economic data from the US comes in mixed- BTG jumps on US approval of VarithenatechMARK 2,649.54 -0.07%FTSE 100 6,636.22 -0.87%FTSE 250 15,306.13 +0.04%Weakness in the mining sector kept markets firmly in the red on Tuesday as a lack of newsflow and falling metals prices capped risk appetite in London.After rising on Monday following an agreement to limit Iran's nuclear activity, the FTSE 100 pulled back today, falling 58.4 points to 6,636.22 by the close.Economic data from the States was in focus given the absence of any macro indicators closer to home. However, figures failed to give markets a spark this afternoon after the Conference Board's index measuring US consumer confidence unexpectedly fell to 70.4 in November, below the 72.4 reading in October and disappointing analysts who had expected a slight pick-up.Nevertheless, as analyst Cooper Howes from Barclays explained: "We view consumer confidence as being on an upward trend despite the month-to-month volatility caused in part by several negative policy shocks in recent years."Data from the US housing market was more positive, with Case-Shiller's index tracking home prices in 20 cities rising at its fastest pace since early 2006 and new housing permits surging to their highest level in over five years. Nevertheless, Wall Street markets were relatively subdued after the opening bell as traders begin to show hesitance ahead of the Thanksgiving holiday later this week.Miners provide a drag; BTG surges after US approvalMining stocks were providing a drag in the UK today as metals prices fell across the board. Heavyweight producers Anglo American, Vedanta Resources, Fresnillo, Rio Tinto and BHP Billiton were all trading with moderate losses before the close.Glencore Xstrata also fell after the news that Chinalco has dropped out of the bidding for its $5.9bn Las Bambas copper mine in Peru.Supermarket giant Tesco was also weighing on the market after Deutsche Bank cut its target price for the shares ahead of its third-quarter trading update next week, saying that it expects like-for-like sales to have deteriorated.Brewing firm SABMiller and Diageo were under the weather today after French spirits firm Remy Cointreau warned that annual operating profits will see a "double-digit" decline due to a slowdown in China.On the upside was specialist healthcare group BTG which jumped after the announcement that US regulators have approved its varicose veins treatment Varithena. "We look forward to the commercial US launch in the second quarter of 2014," said Chief Executive Louise Makin.Investors also celebrated banknote printer De La Rue's interim results as ongoing cost savings helped adjusted profits increase by 20% despite a slip in banknote print volumes. The stock was also lifted from 'hold' to 'buy' by Investec.Pubs group Mitchells & Butlers and soft drinks maker Britvic were also in positive territory after impressing with strong profit growth in their annual results. Utilities firm Severn Trent was out of favour after delivering a flat first half in terms of underlying profits, as a robust start by the water business was not enough to compensate for a lower contribution from the services arm. FTSE 100 - RisersWolseley (WOS) 3,349.00p +3.24%Petrofac Ltd. (PFC) 1,239.00p +2.23%Babcock International Group (BAB) 1,311.00p +2.10%Whitbread (WTB) 3,542.00p +1.40%Persimmon (PSN) 1,228.00p +1.07%Kingfisher (KGF) 394.80p +1.00%InterContinental Hotels Group (IHG) 1,905.00p +0.95%William Hill (WMH) 378.50p +0.93%Travis Perkins (TPK) 1,820.00p +0.89%International Consolidated Airlines Group SA (CDI) (IAG) 376.00p +0.86%FTSE 100 - FallersCoca-Cola HBC AG (CDI) (CCH) 1,738.00p -3.18%Anglo American (AAL) 1,334.50p -2.70%Old Mutual (OML) 194.00p -2.61%Tesco (TSCO) 345.35p -2.51%SABMiller (SAB) 3,175.00p -2.44%Fresnillo (FRES) 818.00p -2.33%Glencore Xstrata (GLEN) 304.80p -2.32%British Sky Broadcasting Group (BSY) 817.00p -2.04%Centrica (CNA) 336.60p -1.92%BHP Billiton (BLT) 1,841.00p -1.81%FTSE 250 - RisersBTG (BTG) 522.00p +13.75%De La Rue (DLAR) 916.00p +9.44%Spirent Communications (SPT) 107.00p +6.15%Telecom Plus (TEP) 1,929.00p +5.87%Homeserve (HSV) 259.30p +5.11%Imagination Technologies Group (IMG) 250.00p +4.17%Moneysupermarket.com Group (MONY) 180.20p +4.16%Computacenter (CCC) 638.00p +3.74%Mitchells & Butlers (MAB) 404.70p +3.50%Interserve (IRV) 655.50p +3.23%FTSE 250 - FallersEssar Energy (ESSR) 83.00p -4.98%Intermediate Capital Group (ICP) 421.30p -4.94%Chemring Group (CHG) 204.90p -3.80%Afren (AFR) 157.00p -3.09%Laird (LRD) 252.70p -2.92%Ocado Group (OCDO) 412.80p -2.78%KCOM Group (KCOM) 102.20p -2.67%NMC Health (NMC) 380.50p -2.44%Centamin (DI) (CEY) 42.64p -2.43%Henderson Group (HGG) 214.40p -2.41%BC