FTSE dips as mining shares suffer
The FTSE 100 dipped in morning trading today, led by falls in mining stocks.
Falls in mining shares prompted the FTSE 100 to decline during morning trading today (June 10th), reversing some of the gains seen on Friday.
Reuters reports the blue-chip index was down 0.2 per cent to 6,397.57 points in the early session as sentiment was hit by indications China may be experiencing an economic slowdown.
The country is the world's biggest consumer of metals and an unexpected dip in trade and domestic activity had a knock-on effect on mining companies, with the FTSE 350 mining sector dropping by 1.6 per cent.
Water provider Severn Trent also suffered in the morning session, shedding 3.9 per cent on the news a potential offer from a bid consortium had been rejected.
The decline meant the FTSE 100 reversed some of the 1.2 per cent increase it saw on Friday and the news agency noted many traders expect movement on the index to be relatively tight over the coming month, with a range of around 300 points forecast, due to a lack of clarity over monetary policy and the health of the global economy.
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