FTSE trades flat, miners hold ground

FXStreet (Mumbai) - The London’s Ftse index trades sideways on Monday as risk-on sentiment took a hit by renewed sell-off in Chinese markets. However, mining stocks, which are usually sensitive to Chinese stocks, remained resilient.

Mining index gains 1.3%

Despite the 8% drop in Shanghai composite, the Ftse mining index is up 1.35%. Shares in BHP Billiton gained 2.4%, while Rio Tinto rose 1.19%. Last week, BHP shares tumbled 9.8% and Rio shares fell 7.4%, hit largely by persistent weakness in metals prices. Reckitt Becnkiser rose 2.28%. Shares in Randgold Resources advanced 3.00%, tracking the recovery in Gold prices.

Meanwhile, Antofagasta lost 1.10%. Other major index losers are Pearson, Merlin Entertainment, RSA Insurance.

The index currently trades largely unchanged on the day at 6584.30.