FTSE 100 movers: Miners mourning but no dry eyes at Shire

The FTSE 100 was dragged lower on Tuesday, as the resources-heavy index felt the weight of a further downward lurch in the oil price to new lows.

Just after 1400 GMT the blue chip index was down 0.5% at 6,384.73, with miners dominating the main fallers.

Miners Anglo American, Antofagasta, BHP Billiton, Glencore and Rio Tinto, occupied the index's bottom steps due to the prospect of continued declines in copper and iron ore prices as a result of rapid decline in China’s domestic steel use in conjunction with increasing production from Australia.

After a trip to China, analysts at Exane BNP Paribas said "the outlook for steel and steelmaking raw materials looks even more dreadful as there is no evidence of production cuts commensurate with the excess capacity".

While it beat expectations with its third-quarter results, BP's shares were wallowing 0.75% below par despite chief executive Bob Dudley sketching out plans for the company to maintain its dividend against a backdrop of $60 oil over the next two years, with a series of cost cutting measures. “We want to give investors confidence that we’re going to be able to maintain the dividend,” Dudley said. “We can do this at $60 a barrel.”

Confirmation from Shire of positive results from clinical trials for its lifitegrast treatment for dry eye disease sent its shares rising the fastest. The study showed the treatment significantly improved patient's symptoms of dry eye disease, data that the company said it now plans to use to resubmit a new drug application for lifitegrast with the US Food and Drug Association in the first quarter of 2016.

St James's Place was another riser, as the wealth manager posted a 17% rise in third-quarter net inflows to a record £1.48bn, taking funds under management to £54.5bn. Chief executive David Bellamy said: “Despite the volatility across global stock markets during the third quarter of 2015, our business sustained strong growth momentum. New investments were 20% higher at a record £2.32bn which, together with the continued high retention of clients and their investments, resulted in record net inflows.”

FTSE 100 - Risers

Shire Plc (SHP) 4,900.00p 6.31%
Sports Direct International (SPD) 692.00p 1.17%
Legal & General Group (LGEN) 259.20p 0.97%
Admiral Group (ADM) 1,640.00p 0.92%
International Consolidated Airlines Group SA (CDI) (IAG) 613.00p 0.82%
St James's Place (STJ) 938.00p 0.81%
easyJet (EZJ) 1,789.00p 0.79%
3i Group (III) 503.00p 0.68%
London Stock Exchange Group (LSE) 2,547.00p 0.67%
Associated British Foods (ABF) 3,416.00p 0.62%

FTSE 100 - Fallers

Anglo American (AAL) 559.90p -5.25%
Antofagasta (ANTO) 550.50p -3.00%
BHP Billiton (BLT) 1,097.50p -2.96%
Glencore (GLEN) 113.15p -2.41%
BG Group (BG.) 1,026.50p -2.28%
BAE Systems (BA.) 443.80p -2.20%
Tesco (TSCO) 186.45p -2.15%
Rio Tinto (RIO) 2,436.50p -2.05%
Royal Dutch Shell 'A' (RDSA) 1,706.50p -2.04%
Kingfisher (KGF) 351.00p -2.04%