By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Miners drove the FTSE 100 index to its
first loss in eight days on Tuesday as metals prices weakened,
while HSBC added more pressure after a broker downgrade.
The benchmark lost 0.5% to 6,831.33, after closing at the
highest level since 1999 on Monday.
HSBC Holdings PLC (HSBC) dropped 0.9% after Citigroup cut the
heavyweight bank to neutral from buy following the company's
disappointing earnings report out on Monday.
The Citi analysts said they struggle to see positive catalysts
for HSBC for the next 12 months, but that the shares could be
attractive and offer higher margins in the longer term.
Mining firms also weighed on the London benchmark on Tuesday, as
metals prices dropped across the board. Shares of Rio Tinto PLC
(RIO) lost 3.3%, Anglo American PLC dropped 2.7%, Fresnillo PLC
fell 2.7%, and BHP Billiton PLC (BHP) gave up 1.9%.
Miners had dropped on Monday on renewed concerns about a
tightening in the Chinese property market.
GKN PLC shaved off 2.5% after the auto- and aerospace-parts
company reported a fall in full-year profit.
On a more upbeat note, shares of CRH PLC picked up 3.3% after
the building-materials firm said trading so far in 2014 has been
ahead of last year.
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