Morning markets: FTSE slips back as miners hit

UK blue chip shares fell following the Bank Holiday weekend as investors locked in profits from miners.

Early gains, led by firms in the pharmaceuticals sector, gave way with the FTSE 100 index trading down more than 1% to 4,856.16 at about 9.45am. Investors locked in profits from mining companies, which have been in favour recently, reflecting a rebound in confidence in the global economy. Eurasian Natural Resources lost more than 5% to 819p, while Lonmin fell 4.8% and Kazakhmys and Antofagasta were both off more than 4%. Insurance firm RSA was also hit, dropping 4.4% to 124.9p after newspaper reports over the weekend suggested it is considering a £600m rights issue. A sell-off i...