Miners push FTSE down despite banking rally

FTSE 100 closes down 42.86 points, or 0.80 per cent, despite banking shares rally

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Monday, 25, Jan 2010 05:08

By inthenews.co.uk staff..

A continued banking shares rally on Monday was not enough to push the FTSE 100 into an improved closing price as miners dragged the index down.

Banking stocks recorded sharp losses last week after Barack Obama's plans to limit the size and scope of US banks were revealed.

But Royal Bank of Scotland Group (1.96 per cent) and Barclays PLC (1.71 per cent) both recovered on Monday as investors realised President Obama's reform was not as far-reaching as first feared.

The index still closed down 42.86 points, or 0.80 per cent, however, due to falls among the mining sector.

Eurasian Natural Resources Corp closed down 2.30 per cent, while Rio Tinto dipped 2.19 per cent and Xstrata 2.00 per cent.

Legal and General Group led the gains at 3.68 per cent, meanwhile, with Man Group leading the losses at minus 2.86 per cent.