FTSE 100 movers: Miners drop, pushed lower by Jefferies downgrade

Mining and financial stocks were providing a drag on the Footsie today, as investors continue to flee from 'risker' assets amidst the global economic uncertainty. Providing further downward pressure on the resources sector was US broker Jefferies after having slashed its target prices for mining stocks under its coverage by an average 10% after recent underperformance. Diversified mining group Vedanta Resources was a heavy faller as full-year revenue came in slightly below forecasts. Sector peer Antofagasta also dipped into the red despite seeing group turnover and EBITDA jump 38.9% and 35.4%, respectively, in the first quarter. The group did however reveal that copper production fell 12.9% quarter-on-quarter. In financials, insurance group Aviva fell after saying that operating profit for the first quarter of the year was marginally lower year-on-year. Elsewhere in the financial sector, banking peers Barclays, RBS and Lloyds were also coming under some selling pressure. Meanwhile, interdealer broker ICAP was in pole position after UBS upgraded its rating on the stock from sell to neutral and raised its target price from 310p to 330p. Energy supplier National Grid also edged higher after increasing profits and the dividend in the 2011/12 fiscal year. However, revenues eased and capex guidance for the 2012/13 fiscal year was revised higher. FTSE 100 - RisersICAP (IAP) 344.60p +2.41%Randgold Resources Ltd. (RRS) 4,732.00p +1.98%BAE Systems (BA.) 274.00p +0.74%Weir Group (WEIR) 1,505.00p +0.47%United Utilities Group (UU.) 627.00p +0.40%Centrica (CNA) 309.70p +0.39%SABMiller (SAB) 2,474.50p +0.37%AstraZeneca (AZN) 2,639.00p +0.17%Compass Group (CPG) 628.00p +0.16%National Grid (NG.) 666.50p +0.15%FTSE 100 - FallersInternational Consolidated Airlines Group SA (CDI) (IAG) 145.00p -5.04%Aviva (AV.) 267.20p -4.88%Vedanta Resources (VED) 978.50p -4.63%Royal Bank of Scotland Group (RBS) 20.88p -4.53%Ashmore Group (ASHM) 328.70p -4.42%Man Group (EMG) 78.35p -4.33%Evraz (EVR) 313.70p -4.27%Barclays (BARC) 182.05p -3.70%Xstrata (XTA) 951.00p -3.53%Lloyds Banking Group (LLOY) 27.68p -3.45%NR