FTSE 100 struggles as miners lose grip of revenues
On Monday, British stocks kept fluctuating, retreating from a three-week run of revenues, with mining stocks demonstrating mixed performance, as metal manufacturers reported a softer growth outlook from the major market, China.
The FTSE 100 traded at 6,179.14, thus showing a 0.3% slump. The index started lower, though revenues for miners pushed it somewhat higher before getting back to the red. On Friday, the benchmark ascended 1.1%. As for last week, it boasted +1.7%, thus marking three weekly advances.
Mining stocks eventually sagged after China’s government outlines plans to boost growth in the world’s second-largest economy. By the way, the country’s growth outlook for this year was diminished from 7% to 6.5%.
As for stocks of metal producers, sensitive to developments from China, Antofagasta PLC dipped 0.6%, copper miner Anglo American PLC slumped 1.5%. Precious metal miner Fresnillo PLC decreased 1.8%, while iron ore miner BHP Billiton PLC closed -1.9%.
Apart from that, Monday’s report disclosed a 70% dive in Hong Kong home sales for February from the year-earlier period.