Financials and mining concerns drag shares down
END-OF-DAY REPORT: Headline shares closed the session firmly lower, gaining no comfort from an edgy start on Wall Street, with financial issues and mining heavyweights bearing the brunt of the losses.
At the close of business, the FTSE100 was down 31.37 points at 5,407.82 with the FTSE250 off 59.41 points at 10,181.27 and the FTSE Smallcaps 10.71 points lower at 2,853.6.
LONDON MARKETS
With little in the way of earnings news to provide direction, the main index drifted lower, with miners under pressure on concerns over the possible tax plans of the new Australian government and Barclays bank stealing the headlines on confirming the appointment of investment banker Bob Diamond to succeed John Varley as group CEO.
The news did little to impress investors who marked Barclays shares down 8.85p at 314p. Peers were also lower, with Royal Bank of Scotland down 0.84p at 46.11p and Lloyds Banking Group losing 0.37p at 72.51p.
Investors sought solace in utilities, with Severn Trent the favourite safe haven up 32p at 1,365p, while United Utilities added 7.5p at 594.5p.
Elsewhere in the Midlands, Triton Showers parent Norcros fared well but manufacturing took a further hit with Titan Europe and Hampson Industries among the fallers, due to their respective exposures to the mining and aerospace sectors.
