FTSE 100 slides as China data weighs on mining stocks – BBC News

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FTSE 100 slides as China data weighs on mining stocks

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(Close): Mining firms pulled the London market lower as the latest factory data from China indicated that the sector remained weak.

An official measure of Chinese factory activity suggested a slight improvement in May, but a private survey indicated continued contraction.

The figures hit mining shares in London, with Rio Tinto falling 3.8% and BHP Billiton down 1.9%.

The FTSE 100 ended down 38.86 points, or 0.6%, at 6,191.93.

However, the biggest faller in the FTSE 100 was plumbing supplies firm Wolseley. Its shares dived 5.5% after it said like-for-like revenues had risen 1% in recent weeks, compared with 2.8% growth in the three months to 30 April.

Wolseley said demand in several of its markets remained “subdued” and it was “committed to further restructuring in the UK and Europe”.

In the FTSE 250, shares in Halfords fell 7.2% after the car parts and bicycle retailer reported flat full-year profits.

Underlying pre-tax profits at the retailer rose by just 0.5% to £81.5m in the year to 1 April.

On the currency markets, the pound fell 0.7% against the dollar to $1.4388, and dropped 0.9% against the euro to €1.2893.