FTSE loses ground

Mining firms led the FTSE 100 Index lower by midday today as the takeover buzz in the sector fizzled out in London and metal prices dipped.

BHP Billiton shares were 2% down after it launched a $40bn (€31bn) hostile takeover bid for the world’s biggest fertiliser producer - Canadian firm PotashCorp – following the rejection of an earlier “wholly inadequate” proposal.