Miners fail to keep FTSE steady as telecoms, banks drop

FTSE 100 stocks traded down by mid-day today as a warning from Cable & Wireless Worldwide sent telecoms stocks down and as banking stocks were sold on concerns that earnings reports from major banks, due out this afternoon, may disappoint investors. The FTSE 100 index were trading down by 0.7 per cent at mid-day, reaching 5,112 at 12:45 BST.

Chris Bradshaw
shareprices.com - Tuesday, July 20, 2010

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Mining stocks supported the FTSE 100 index today preventing a bigger decline. African Barrick Gold, Rio Tinto, Vedanta Resources and Xstrata gained between 1.55 per cent and 0.8 per cent. International Power is still gaining in value on a possible deal with GDF Suez; the stock is up 1.34 per cent so far.

Also doing well is Burberry Group, Investec reinstated its coverage of the company with a "buy" rating, sending the company's share price up by 1.43 per cent.

Banking stocks are moving down as investors fret that the earnings reports from Goldman Sachs and Bank of New York Mellon Corp that are due to be announced this afternoon before Wall Street opens will be disappointing. UK banks continued their retreat, with Barclays moving back another 1.95 per cent in addition to losses from previous sessions.

Shares in Cable & Wireless Worldwide suffered a major decline early this morning when the company announced a slowdown in trading due to public spending cuts. The stock, down by 17.5 per cent 68.90p by mid-day, is still losing value. Shares in BT Group suffered as well, down 3.96 per cent by mid-day.

 

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