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FTSE 100 movers: Miners slide as Astra gains on bid speculation

Thu, 21st Aug 2014 18:01

Mining stocks led the downside after metals consumer China disappointed with its manufacturing data and metal prices fell. Fresnillo, Randgold Resources, Anglo American, Rio Tinto and BHP Billiton all fell into the red. BHP was still under pressure in the aftermath of Tuesday's underwhelming plans for a demerger. Chief financial officer Graham Kerr, who is due to be the head of the spin-off company, has been cited as saying that the lack of a share buyback - which many investors had been expecting - was a "sore point", while plans to give shareholders stock in the new firm could have "irritated" some who are not mandated to hold investments in Australia. Oil stock Tullow Oil was also in the red. On the upside, healthcare stocks gained strongly amid speculation Pfizer may make another bid for Astrazeneca. Smith & Nephew and GlaxoSmithKline were also rising strongly. Financial stocks also made decent gains, with Hargreaves Lansdown, Standard Life, Old Mutual and Aviva all higher.NR

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