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FTSE falls further as fears remain Mining shares pull FTSE 100 higher
(about 4 hours later)
(Open): The London market opened lower as worries about weak global growth continued to hit investors' confidence. (Noon): After falling at first, the London market rallied to stand higher in lunchtime trade, with mining companies benefiting from stronger-than-expected Chinese trade figures.
The benchmark FTSE 100 index was down 33.48 points, or 0.5%, at 6,306.49. Having fallen as much as 0.5% in early trade, the FTSE 100 index was up 21.00 points at 6,360.97.
The FTSE fell by nearly 3% last week after a run of poor economic figures from Germany raised fears of another recession in the eurozone. Mining shares led the way, with Anglo American up 4.1% and Rio Tinto 3.5% higher.
"Only an hour or so into Monday's trading and this already feels like it will be a long week," said Alastair McCaig, market analyst at IG. Airline shares were also boosted by the recent drop in oil prices.
"Ratings agencies are downgrading their outlook on France, Tuesday's German ZEW data is thought unlikely to inspire, the European Council is likely to reject the latest French budget, and Thursday's eurozone inflation figures are a real cause for concern." British Airways-owner IAG climbed 2.7% as oil prices - which affect the price of aviation fuel - fell further on news that Opec producers are likely to keep supplies high.
There was some good news from the mining sector, however, following better-than-expected trade figures from China. At one point, Brent crude hit its lowest price since December 2010, falling to $87.74 a barrel before recovering slightly to $88.40. US crude fell $1.30 to $84.52 a barrel.
Among the miners, Randgold Resources climbed 1.9% and Rio Tinto added 1.4%. Growth fears
Shares in Thorntons fell 5.5% after the chocolate maker reported an 11.9% drop in sales in the 14 weeks to and 4 October. The FTSE 100 fell by nearly 3% last week, after a run of poor economic figures from Germany raised fears of another recession in the eurozone.
And despite Monday's modest rally in shares, analysts expect investors to remain cautious.
"Ratings agencies are downgrading their outlook on France, Tuesday's German ZEW data is thought unlikely to inspire, the European Council is likely to reject the latest French budget, and Thursday's eurozone inflation figures are a real cause for concern." said Alastair McCaig, market analyst at IG.
Among individual shares, in the FTSE 250 Synergy Health jumped nearly 30% after the company agreed to be bought by IS firm Steris for £1.2bn.
Shares in Thorntons fell 7% after the chocolate maker reported an 11.9% drop in sales in the 14 weeks to 4 October.
However, Thorntons - which has been closing stores in order to concentrate on online sales - said it expected sales to recover in the current quarter.However, Thorntons - which has been closing stores in order to concentrate on online sales - said it expected sales to recover in the current quarter.
Thorntons also said it was "confident" it was on track to meet market forecasts of full-year pre-exceptional pre-tax of £9.65m.Thorntons also said it was "confident" it was on track to meet market forecasts of full-year pre-exceptional pre-tax of £9.65m.
Oil prices remained under pressure, with Brent crude hitting its lowest price since December 2010. Brent fell to $87.74 a barrel at one point before recovering slightly to $88.68. US crude fell $1.40 to $84.42 a barrel. On the currency markets, the pound rose 0.2% against the dollar to $1.6107, and fell 0.3% against the euro to €1.2691.
On the currency markets, the pound edged up 0.02% against the dollar to $1.6078, and fell 0.27% against the euro to €1.2695.