LONDON MARKETS: FTSE 100 Weighed By Losses For Miners, Oil Producers

By Carla Mozee, MarketWatch Features Dow Jones Newswires

GKN reportedly considering splitting up in two

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U.K. stocks sagged Monday, with mining shares losing ground as a new trading week got under way, but gains for industrials companies helped cushion the loss.

The FTSE 100 index fell 0.1% to 7,515.59, led by the oil and gas and basic materials group. The index on Friday closed up less than 1 point ( That marked a 0.2% loss last week, breaking a four-week run of gains.

Mining shares moved lower alongside a pullback in metals prices, including gold , copper and palladium . Shares of copper producer Antofagasta PLC (ANTO.LN) fell 0.8%, Anglo American PLC (AAL.LN) gave up 0.4% and BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) dropped 0.8%.

Dollar-denominated metals prices were lower as the U.S. dollar rose against most major rivals, largely against the euro and the Japanese yen . Euro traders were looking ahead to the European Central Bank's policy decision due Thursday, while yen traders sold the Japanese currency after this weekend's general election that delivered a convincing majority to Prime Minister Shinzo Abe's party ( Abe's win raises the prospect for continued loose monetary policy.

Oil prices resisted strength in the dollar, but shares of oil major BP PLC (BP.LN) (BP.LN) dropped 0.6% and Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) was down 0.3%.

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The pound traded at $1.3193, up from $1.3188 late Friday in New York.

Corporates: GKN PLC (GKN.LN) gained 3% following a Sunday Times report the company is considering a split of its aerospace and automotive businesses (

Spire Healthcare Group PLC shares (SPI.LN) rallied 11% on the mid-cap FTSE 250 after Spire rejected a preliminary takeover approach from major shareholder Mediclinic International PLC ( The offered valued Spire at about GBP1.20 billion ($1.59 billion). Mediclinic shares fell 0.8% on the FTSE 100.

CRH PLC shares picked up 1.5% after the building materials supplier won support of its planned takeover of Ash Grove Cement Co. (ASHG)

(END) Dow Jones Newswires

October 23, 2017 04:05 ET (08:05 GMT)