The market was down
at 12.30pm, led lower by miner Xstrata which reached a mutual
agreement to terminate merger discussions with Vale Rio do
The FTSE was lower
by 23.3 points to 5,665.8, with Xstrata down 6.94%, having shed
259p to hit £34.57 per share.
Banks added to the
gloom, with RBS lower by 4.75p, to 346.25p per share, while Aviva
also slumped, plunging 34.5p to 601p per share.
The insurance giant
was hit after the shares went ex-dividend today.
included pharma GlaxoSmithKline, which fell to 28p to 1,046p per
share after Morgan Stanley cut its price target on the firm.
Despite the woes
experienced by Xstrata, other miners were up today, with Anglo
American and Kazakhmys both higher.
Anglo topped the
leaderboard, gaining 109p to take it to 2,951p per share. Silver
miner Lonmin was also steeper, gaining 115p per share to touch
The other notable
riser was Sainsbury, the supermarket chain gaining 11p per share to
hit 347.5 after a positive trading update.
In contrast to the
blue chips, the FTSE250 was up 21.9 points up, at 9,817.2, buoyed
by miners including Aquarius Platinum and Ferrexpo.
The top riser was
DSG International, the owner of Dixon's, which has seen its share
price more than halve in the last six months.
The stock was up
9.47%, gaining 6.25p a share to reach 72.25p, driven by what
traders called a 'bear squeeze.'
However, it was not
all good news, as poor housing data from the US yesterday hit firms
such as Bovis Homes, which fell 31.5p to hit 566p per share.