London FTSE slips in early trade as Mexican miner drags

London (AFP) – London’s benchmark FTSE 100 index slipped slightly in early trading on Tuesday, with UK-listed Mexican miner Fresnillo leading the fallers.

The index was down 28.91 points or 0.16% by 8.45 am at 6,539.44 points, with Fresnillo’s shares down 4.44 percent at 883.5 pence.

The miner’s decline is likely linked to softer gold prices on expectations the US Federal Reserve may taper its monthly bond-buying programme on Wednesday, analysts say.

Guernsey-based investment vehicle Resolution Limited was the next biggest faller, its shares shedding 2.57 percent of value to trade at 363.5 pence.

The firm announced earlier on Tuesday that Clive Cowdery and John Tiner will not stand for re-election as non-executive directors.

Chilean copper miner Antofagasta led the morning’s risers, the firm’s stock up 3.30 percent at 875.5 pence, shaking off falling metal prices and higher costs to deliver a better than expected dividend for 2013.

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