MONDAY MARKET CLOSE: Footsie suffers China crisis

The FTSE-100 index fell to its lowest closing level since mid-February today as weak Chinese export data dragged down major mining stocks.

Exports fell by 18 per cent in February, dashing hopes that trade will help boost the Chinese economy at a time when the country’s leaders are pursuing reforms.

The benchmark Footsie closed down 23.22 points or 0.4 per cent at 6,689.45 with major stocks such as Glencore Xstrata and Anglo American among the biggest losers as traders voiced fears of a slowdown of the world’s top metals consumer.

IPR Capital director Steven Mayne said: “Any poor news from China is always going to hit short-term market sentiment, especially in the mining sector, and fears of slower growth will hit base metals.”

Fresnillo was the biggest mining faller, down 31.5p – or 3.4 per cent – at 896p.

Glencore Xstrata fell 7.85p or 2.4 per cent at 317p and Anglo-American fell 29.5p or 2 per cent at 1,433p.

House building stocks were also under pressure after Bank of England deputy governor Charlie Bean said policy-makers were keeping a “beady eye” on the surging property market.

Shares in Persimmon dipped by nearly 5 per cent, or 64p, to 1,329p.

Rolls-Royce delivered the biggest rise in the index as investors got their first chance to react to Friday’s news that the engine giant is to buy Daimler’s stake in a power controls joint venture. Shares rose 17p to close at 1,043p.

Shares in Land Securities were little changed despite the property group announcing it had agreed to sell the Overgate shopping centre in Dundee to Legal & General Property for £125.3 million. They dipped 5p to 1,073p.