Afternoon Markets: FTSE plummets 2% as OZ mining tax hits US stocks

The FTSE 100 plunged 1.95% this afternoon as miners continued to weigh on the index following Australian plans to levy a 40% tax. The index fell 108.4 points to 5,444.89.

Eurasian Natural Resources was down 9.14% to £11.14, BHP Billiton fell 6.76% to £18.88, while Antofagasta declined 6.56% to 933.5p and Kazakhmys dropped 5.84% to £13.22. At the other end of the table, top performers included Inmarsat, up 3.01% to 786.5p, while British American Tobacco advanced 2.26% to £21.00 and BAE Systems rose 1.92% to 351p. Meanwhile, the Markit/CIPS purchasing managers index hit its highest level since September 1994, rising to 58.0 in April from the previous month's 57.3. On Wall Street, the Dow Jones followed the FTSE into negative territory. The index fell...