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London slips on miners as Dow hits new high

London Stock ExchangeLondon retreated from last week’s records, with oil and mining companies dragging the FTSE 100 index lower, as the Dow Jones hit a new high.

The FTSE 100 ended the session 0.28% lower at 7,747.18 points despite the fall in sterling which was down slightly to $1.367 as inflation dipped to 3% from 3.1% in November.

Economists said it was too early to predict a sustained slowing of price growth. But sterling fell following the data release, initially lifting the FTSE 100.

The Dow Jones Industrial Average hit 26,000 points for the first time today despite a big loss reported by Citigroup.

The Dow rose almost 200 points, while the S&P 500 and Nasdaq Composite were also higher.

In London a fall in oil and mining shares forced the FTSE 100 downwards at the close. BP lost 2.9% after saying it would take a charge of around $1.7 billion in its fourth-quarter results as part of the settlement of the 2010 Deepwater Horizon spill in the United States.

Brent crude and copper prices saw the big mining companies fall by between 1.4% and 3%

Sports leisure retailer JD Sports, which includes Tiso, saw its shares jump more than 6% after a strong Christmas trading performance.

FTSE 250-listed Provident Financial was the day’s biggest loser, shedding almost 12%, with Capita also down 6%.

Scottish healthcare billing company Craneware announced it was returning £15 million to shareholders through a share buyback.


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