Energy Voice

Weir Group among biggest Footsie fallers

Energy Reporter, 6th December 2012

The FTSE 100 Index rose 9.3 points to 5,901.4 today as mining stocks were buoyed by hopes over progress to resolve the US fiscal cliff.

Optimism over a deal, which would avert a series of automatic tax hikes and spending cuts, was high after President Barack Obama said a deal was possible within a week.

In London, Eurasian Natural Resources moved 6.1p ahead to 283.3p and Antofagasta added 41p to £13.37.

Standard Chartered shares shrugged off confirmation that it expects to pay a total fine of £416million to settle allegations that the bank breached sanctions with Iran. Shares still lifted 12p to 1,500.5p on hopes agreeing the fine would remove uncertainty.

Rolls-Royce was one of the biggest FTSE 100 fallers however, after it emerged it was involved in a corruption investigation relating to overseas intermediaries. Shares closed 3% or 28.5p lower at 885p.

In the FTSE 250, Dixons Retail was given a boost by a broker upgrade as Barclays said the demise of Comet would prove a game changer for the Currys and PC World parent company. Shares gained 1.1p to 27.6p.

The biggest FTSE 100 risers included Vedanta Resources up 24p at £11.18 and Johnson Matthey ahead 48p at £24.11.

Among the biggest FTSE 100 fallers were Weir Group down 64p at £18.17 Pennon Group down 18p at 601p and Meggitt off 8.9p at 384p.

Elaine McLachlan, of investment manager and financial planning specialist Brewin Dolphin in Inverness, noted that risers included Macfarlane Group up 5.5% at 26.25p, Plexus Holdings up 2.9% at 269p and Aberdeen Asset Management gaining 1.6% to 339.5p.

Fallers included Parkmead off 3.7% at 13.13p, and British Polythene down 2.3% at 386.5p.

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