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Article: FTSE moves into reverse as miners hit by metal prices
- Article from:
- The Scotsman
- Article date:
- September 2, 2008
- Author:
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Copyright informationCopyright 2008 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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LONDON FTSE 100 CLOSE 5,602.8 -33.8
THE FTSE 100 index's three-day run of gains came to an end
yesterday as falling commodity stocks pegged back the top flight.
Crude oil slid to a four-month low as Hurricane Gustav's strength
was downgraded as it approached the Gulf of Mexico, while lower
metal prices hit miners.
The drop saw the FTSE finish the session 33.8 points down at
5,602.8, although with US markets closed for Labor Day this
afternoon there was little direction for traders.
David Fineberg, dealer at CMC Markets, said: "It's been a
predictably quiet start to the month with the US market holiday
adding to the generally calm nature of trade but perhaps one
interesting element has ...