Afternoon markets: FTSE 100 dips ahead of European summit

The FTSE 100 dipped slightly ahead of the European Union leaders’ summit, as the index closed 0.4% lower to 5,546.91.

German leader Angela Merkel had earlier called for a new treaty for Europe to stabilise the eurozone.

The biggest climber was gold miner Randgold Resources, closing 3.5% higher to 6,945p. It was joined by food products company Tate & Lyle, up 2.2% to 685p.

Elsewhere, ditributor Bunzl rose 1.7% to 843p, while Cairn Energy and Vedanta Resource both rose 1.2% to 277.8p and 1,099p, respectively.

Interdealer broker ICAP was the biggest faller, dropping 4.4% to 350.4p, as insurer Admiral Group closed 3.9% lower at 855.5p.

Microchip manufacturer Arm Holdings slipped 2.7% to 575p, copper miner Kazakhmys was down 2.4% to 941p, and listed hedge fund Man Group dropped 2.4% to 139.8p.

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