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Article: Markets Friday: FTSE reverses early gains.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- August 15, 2008
CopyrightCOPYRIGHT 2008 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jonas Crosland
SUMMARY: Weak commodity stocks drag the Footsie down
Leading shares have relinquished early gains, and the FTSE100 index fell below the 5,500 level to stand 25.2 points lower at 5,472.2. Much of the reversal reflects further weakness in mining stocks as base metal prices drop away. Mid-cap stocks are also out of favour, and the FTSE250 index was off 25 points at 9,110. Trading volume was especially weak however at just GBP690m.
Nickel dropped 2.6 per cent on the London Metal Exchange, FT.Com reports, while copper and zinc also fell. Meanwhile gold fell nearly 2 per cent, back below $800 an ounce. Resource stocks dominated ...