Mining stocks' performance pulls FTSE back

Weaker mining stocks ensured the FTSE 100 Index failed to take advantage of falling oil prices and a positive session for media companies today.

The Footsie gained by as much as 15 points in early trading, but eased back to stand 4.2 points higher at 4409.5 by mid-morning.

Miners were responsible for much of the pull back as investors saw the sector succumb to profit taking after a recent strong run.

Among the fallers, Anglo American slipped 23p to 1261p, RioTinto fell 18p to 1402p and Chilean mining group Antofagasta eased 12.5p to 984p.

Energy giants Shell and BP were also lower – down 4.25p and 5.75p at 397.5p and 483p respectively – as the cost of crude oil continued to ease.

The weakness in two of the London market’s most influential sectors offset progress made by media companies as Reuters – yesterday’s biggest Footsie loser - cheered 3.75p to 318.5p and Daily Mail & General Trust gained 8.5p to 679p.

There was also a gain of more than 2% for property group Land Securities after it announced details of a plan to exchange its industrial sites for the retail interests of Slough Estates. Land shares were 24p higher at 1152p while Slough rose 6.5p to 459.5p.

British Airways was among the other major risers as a further easing in the oil price helped shares lift 5.5p to 224.5p. This was despite a series of cancellations causing disruption to thousands of passengers today.

Elsewhere, Spanish takeover target Abbey National added 2p to 590p as speculation of a rival offer from HBOS continued to circulate. HBOS edged ahead by a penny to 682p while Royal Bank of Scotland added 10p to 1540p on a mainly positive session for blue-chip banking stocks.

Outside the top flight, shares in whisky maker Glenmorangie soared following its announcement that it was seeking a buyer. The most commonly held Glenmorangie A shares rose by 18% or 192.5p to 1250p.