The FTSE 100 declined slightly this morning, giving away part of Thursday’s 47 points gain. The blue chip index shed 19 points (0.3 percent) by 13:00. Investors were still digesting yesterday’s mixed US data.
The Labor Department reported that initial jobless claims rose 1,000 to 427,000 last week, while analysts were expecting to see less people applying for unemployment benefits.
However, the negative impact was partially offset by an update on US trade balance, which unexpectedly showed a narrower trade gap as US exports surged.
Shares in Eurasian Natural Resources (LON:ENRC) continued sliding today, dropping 3.5 percent to 774 pence in the aftermath of this week’s turbulent annual meeting, which saw four directors sacked from the board and hurt the company’s reputation. One of the ousted directors Richard Sykes advised investors to sell shares in ENRC as soon as they get a chance.
Most other mining companies also slipped into the red as prices for precious and base metals dropped. Fresnillo (LON:FRES) declined 1.6 percent to 1,395 pence and Anglo American (LON:AAL) lost 1.1 percent, falling to 2,956 pence.
Financial bookmakers are projecting a lower open on Wall Street today. Futures for the Dow Jones Industrial Average (DJIA) dropped 10 points (0.1 percent) this morning. The broader S&P 500 index was down 2 points (0.15 percent) and the technology heavy NASDAQ composite declined 4 points (0.2 percent).
Shares in Comcast Corp (NYSE:CMCSA) rallied 6 percent in pre-market. Tiffany and Co (NYSE:TIF) rose 3.2 percent. CME Group (NYSE:CME) and Micron Technology (NYSE:MU) added just over 1 percent, as did Analog Devices (NYSE:ADI).
Suntrust Banks (NYSE:STI), First Horizon National (NYSE:FHN) and MEMC Electronic Materials (NYSE:WFR) declined 1.5 percent. Colgate Palmolive (NYSE:CL) and Freeport Mcmoran (NYSE:FCX) shed 1 percent.
In Asia, Japan’s benchmark Nikkei 225 index rose 47 points (0.5 percent) to 9,514, while China’s Shanghai Composite Index rose marginally to close at 2,705.