Headline shares added to early losses by midday, investors wary as US markets looked to be about to open on the downside, with commodity issues hardest hit on fears demand for raw materials will ease. At high noon, the FTSE 100 was down 57.54 points at 5,177.3 with the FTSE 250 off 85.49 points at 9,740.66 and the FTSE Smallcaps 7.42 points weaker at 2,778.59. US stock futures moved lower on concerns over a slowdown in global growth and ahead of housing data. Dow Jones Industrial Average futures fell 77 points at 10,080, S&P500 futures lost 9.2 points at 1,056 and Nasdaq 100 futures were down 14.25 points to 1,7954.2.

Concerns emanating from the US that the economic recovery is slowing pushed commodity issues lower on fears that demand for raw materials will be hit. In London, mining issues bore the brunt of the ill-sentiment in early trade, with Vedanta Resources (LON:VED) the biggest blue chip faller, down 117p at 1,920p, as news circulated that the Indian Ministry of Environment and Forests refused an application to mine bauxite in the state of Orissa. Chilean copper miner Antofagasta (LON:ANTO) fell 25p at 1,002p despite reporting that net earnings almost doubled to $451.2m in the first half-year. Other major casualties in the sector included ENRC, off 30.5p at 818.5p, Kazakhmys (LON:KAZ), down 44p at 1,104p, and Rio Tinto (LON:RIO), 85p lower at 3,218p. The sector also provided one of the top gainers of the morning in the shape of African Barrick Gold (LON:ABG), which rose 5.5p at 569p.

Builders' merchant Wolseley (LON:WOS) sank close to the foot of the league table, off 71p at 1,235p, following news it has sold its Brandon Hire business for £43m. Oil producers weakened as crude slipped below $73 a barrel, with Shell down 17.5p at 1,661.5p and BP (LON:BP.) down 10.8p at 379.8p. Edinburgh-based explorer Cairn Energy Plc (LON:CNE) slipped 5.8p at 458.6p, despite upbeat half-year results, as Greenpeace raised its opposition to the company's Greenland exploration sites. Down the list, Korea bid target Dana Petroleum Plc (LON:DNX) added 5p a 1,808p.

The recent euphoria experienced by the insurance companies abated this morning as investors pocketed some profits, with Aviva (LON:AV.) slipping 5.3p at 385.9p, Prudential (LON:PRU) off 10p at 561p…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here