FTSE trades flat, miners hold ground

FXStreet (Mumbai) – The London’s Ftse index trades sideways on Monday as risk-on sentiment took a hit by renewed sell-off in Chinese markets. However, mining stocks, which are usually sensitive to Chinese stocks, remained resilient.

Mining index gains 1.3%

Despite the 8% drop in Shanghai composite, the Ftse mining index is up 1.35%. Shares in BHP Billiton gained 2.4%, while Rio Tinto rose 1.19%. Last week, BHP shares tumbled 9.8% and Rio shares fell 7.4%, hit largely by persistent weakness in metals prices. Reckitt Becnkiser rose 2.28%. Shares in Randgold Resources advanced 3.00%, tracking the recovery in Gold prices.

Meanwhile, Antofagasta lost 1.10%. Other major index losers are Pearson, Merlin Entertainment, RSA Insurance.

The index currently trades largely unchanged on the day at 6584.30.

The London’s Ftse index trades sideways on Monday as risk-on sentiment took a hit by renewed sell-off in Chinese markets. However, mining stocks, which are usually sensitive to Chinese stocks, remained resilient.

(Market News Provided by FXstreet)