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Mining shares pull FTSE 100 lower Inmarsat leads FTSE 100 lower
(about 5 hours later)
(Noon): Mining companies are pulling London's main share index lower. (Close): Shares in London closed with modest losses, but the FTSE 100 ended above the lowest levels for the day.
The FTSE 100 was down by 21 points, or 0.34%, at 6,135.26 by lunchtime. The FTSE 100 closed 0.3% lower at 6,136, having fallen to 6,122 earlier.
Among the biggest fallers were the mining companies Anglo American,BHP Billiton and Rio Tinto. The biggest faller was satellite operator Inmarsat. Shares fell 4% after analysts at Morgan Stanley cut their rating of the company's shares.
However, the biggest faller was the satellite operator Inmarsat, with shares down more than 3% after the investment bank Morgan Stanley cut its rating and revenue guidance on the firm. Earlier this year it issued a profit warning and shares have fallen by more than 30% this year, leaving the firm facing relegation from the FTSE 100.
Earlier this year it issued a profit warning and has seen shares slump by more than 30% this year, leaving the company facing relegation from the FTSE 100. Sports Direct was one of the biggest losers on the FTSE 250. Shares slumped 4% after Goldman Sachs changed its view on its shares from buy to neutral.
Shares in the insurer Legal and General were down slightly after it agreed to buy a £3bn annuity portfolio from Dutch rival Aegon. Shares in the insurer Legal and General fell 0.2% after it agreed to buy a £3bn annuity portfolio from Dutch rival Aegon.
The Dutch firm is gradually pulling out of the UK in order to focus on other parts of its business.The Dutch firm is gradually pulling out of the UK in order to focus on other parts of its business.
Another company to see its shares fall was the luxury fashion retailer Burberry. Its stock was down 1% after a downgrade from the investment bank Deutsche.
On the currency markets, the pound edged down by 0.14% against the dollar to $1.447, and was just 0.06% lower against the euro at €1.2909.On the currency markets, the pound edged down by 0.14% against the dollar to $1.447, and was just 0.06% lower against the euro at €1.2909.