The weak start to the day failed to reverse over the course of the Tuesday trading session, with FTSE 100 closing down.
Heavy losses in the mining sector, sparked by concerns that Chinese demand for metals is set to fall, weighed the blue-chip index throughout the day and caused it to close 69.7 points, or 1.17%, down at 5,891.41.
The day’s top five fallers all hailed from the resources sector – headed by Fresnillo, which retreated 5.01% to 1,687p.
Rio Tinto was down 4.15% to 3,464.5p, while Anglo American eased 4.11% to 2,505p. BHP Billiton dropped 4.05% to 1,965p and Vedanta fell 4.02% to 1,361p.
The losses in mining stocks were prompted by comments from Ian Ashby, president of BHP Billiton’s iron ore business, who this morning claimed Chinese demand for steel is expected to flatten. (article continues below)
Vodafone, International Airlines Group, Arm Holdings, Morrisons and Tesco were the day’s strongest gainers.