Markets: Miners hit as Chinese imports slide

MINERS were among the biggest fallers yesterday on news that imports in China – the world’s biggest consumer of metals – slid to their lowest point for more than two years in January.

BHP Billiton and Rio Tinto were among the heavyweights contributing to the sector weakness, down 2.7 per cent and 1.1 per cent respectively at 2,057.5p and 3,772p.

But their peer Anglo American was worst hit after diamond firm De Beers, in which it has a 45 per cent stake, posted a fall in output and gave a cautious outlook. Its shares fell 4 per cent 2,746.5p.

New Greek debt woes also dragged on the market, with the FTSE 100 Index down 43.08 points at 5,852.39.

Barclays bucked the trend despite posting a surprise fall in profits, as analysts were impressed by its efforts to strengthen its capital ratios and bolster the retail side of the business.

Espirito Santo analyst Andrew Lim said: “Having started the day on the back foot given a miss on fourth-quarter earnings, the perception on Barclays’ performance and outlook is more reassuring.”

Shares in the bank rose 0.95p to 234.05p.

Retailer Next made the risers’ board after Deutsche Bank upgraded the stock from “hold” to “buy” and said the company’s continued control of costs should benefit it in the face of tough conditions. Its shares were up 14p to 2,733p.

Edinburgh technology company IndigoVision was tipped by Investors Chronicle as one of its bargain shares. That helped its stock add 4.5 per cent or 14p to 327.5p.