London midday: Banks and miners lead retreat

Banks and miners are dragging the market lower and have pushed the Footsie below the 4,900 level.Kazakh resources group ENRC is leading the mining sector lower, closely followed by fellow Kazakhi operation Kazakhmys. Lower metals prices are also hitting the likes of Antofagasta, Anglo American, Lonmin, Vedanta and Xstrata.In the banking sector the part-nationalised pair Royal Bank of Scotland (RBS) and Lloyds Banking are suffering the most after the publication of the Top 50 rankings of the world's safest banks by American magazine Global Magazine. Lloyds was ranked sixth in the league of safe banks in last year's report but has now dropped out of the top 50.Reports that it is contemplating a £600m rights issue drag down insurance giant RSA. With markets in retreat worldwide, defensive stocks such as tobaccos and pharmaceuticals are enjoying a renaissance. Drug group AstraZeneca is higher after saying it is to press ahead with plans to submit its ticagrelor drug, Brilinta, for regulatory approval in the fourth quarter of 2009 after positive results from a major trial.The company hailed results from a trial which showed ticagrelor reduced cardiovascular death and heart attacks over clopidogrel in acute coronary syndromes (ACS) patients.Drugs major Shire has completed a new drug application (NDA) for velaglucerase alfa, its enzyme replacement therapy in development for the treatment of Type 1 Gaucher disease, with the US Food and Drug Administration (FDA). The submission to the FDA has been made ahead of schedule.Asia-focused bank Standard Chartered has agreed to sell its entire 14.85% stake in BC Card to Korean private equity firm Vogo Fund and its affiliates. Vogo is buying Stnadrd's stake and also the 15.83% stake in BC Card held by Hana Bank for around $155.6m in total.Self-storage operator Safestore saw an increasing level of enquiries for new lets in the three months to end-July. Activity picked up noticeably in July, the company said. Revenue for the nine months to 31 July 2009 rose by 1.7% from the corresponding period of last year.Support services group Serco today announced it has won three UK government contracts worth between £400m and £500m to help unemployed workers find a job.Majestic Wine, the Aim-listed wine retailer, has changed a major plank of its business strategy by reducing the minimum in-store purchase to six bottles from twelve.Scottish cashmere group Dawson International saw first half losses widen and said the outlook for the full year remains very challenging. Pre-tax losses rose to £3.13m in the six month ended 4 July compared with a loss of £2.30m last time. Drug developer Skyepharma's US launch of asthma treatment Flutiform will be delayed for two years at least after the US Food and Drug Administration insisted on more data on dosing.Better news from the pharmaceuticals sector was provided by Dechra Pharmaceuticals, which upped it dividend by 10% as it reported a 38% rise in full-year profit. The company, which focuses on the veterinary sector, ssaw pre-tax profit rise to £16.1m in the year ended 30 June compared with £11.7m last time, while revenue increased 15% to £350m.NewRiver Retail, the commercial property investment and asset management company, said it has raised £25m through a placing at a price of 250p per share.FTSE 100 - RisersDiageo (DGE) 966.00p +1.26%British American Tobacco (BATS) 1,897.00p +1.23%AstraZeneca (AZN) 2,874.50p +1.21%Reckitt Benckiser Group (RB.) 2,884.00p +1.09%BAE Systems (BA.) 314.30p +0.67%FTSE 100 - FallersEurasian Natural Resources (ENRC) 816.50p -5.61%RSA Insurance Group (RSA) 123.60p -5.36%Antofagasta (ANTO) 729.00p -4.89%Kazakhmys (KAZ) 941.50p -4.75%