A recent rally on London’s leading shares index all but ground to a halt today.
Hopes of central bank intervention on the eurozone debt crisis had helped the top flight index climb to a four-month high earlier this month, but the FTSE 100 Index closed less than 5 points higher at 5,845.9 as optimism started to fade today.
Standard Chartered showed signs of recovery after losing 16% of its value yesterday in the wake of a US regulator’s accusations that it breached sanctions on Iran. Shares were 87p higher at 1,315.5p, a rebound of 7%.
Mining giant Rio Tinto was also on the risers board after it posted first half figures that were in line with expectations and said it expected a pick up in demand in the fourth quarter.
Shares were 89.5p higher at £32.20, while there was a reaction from other stocks in the sector as Xstrata added 15.6p to 912.5p and Anglo American cheered 19.5p to 2,027.5p.
In corporate results, defence and aerospace technology firm Cobham slid 5% after it highlighted the impact on military orders caused by the US presidential elections. Shares fell 12.8p to 225.7p in the FTSE 250 Index.
The biggest Footsie risers included Croda International up 62p at £24.51 and Fresnillo ahead 35p at £15.65.
Among the biggest Footsie fallers were Smiths Group down 38p at £10.75, Pennon off 23.5p at 730p, Icap down 8.4p at 327.8p and Intercontinental Hotels off 42p at £16.83.
Stuart Lamont, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted FirstGroup advanced 1.7% to close at 244.7p, Centrica was up 0.8% at 329.3p and Weir Group added 0.5% to finish at £17.24.
Among the fallers Cairn Energy shed 4.2% to 296.5p and Premier Oil closed off 0.6% at 398.6p.