US gains fail to boost FTSE 100

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FTSE 100 Index fell by 3.3 points to 5940.3

A strong session on Wall Street failed to trigger more gains in London as a mixed performance from mining stocks pulled the FTSE 100 Index lower.

Continued fears over possible new measures by China to cool economic growth impacted on parts of the resources sector as Antofagasta declined 10p to 1398p and Kazakhmys lost 1% or 17p to 1541p.

The FTSE 100 Index opened the week 0.8% higher but retreated 3.3 points to 5940.3 on Tuesday, despite the Dow Jones Industrial Average finishing almost 1% higher.

One of the most significant moves in the top flight came from BSkyB after the Culture Secretary kept the door ajar for News Corporation’s planned takeover of the broadcasting giant.

Jeremy Hunt said he was minded to recommend a full investigation by the Competition Commission but before doing so will consider undertakings made by NewsCorp in order to address media plurality concerns.

With the company also due to post strong half-year results on Thursday, BSkyB shares lifted 6p to 756p.

In the FTSE 250 Index, shares in Imperial Leather soap maker PZ Cussons fell 7% after it reported flat half-year profits and said it was cautious about prospects for the full year due to discounting by UK retailers.

Shares were 26.1p lower at 353.1p.

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