LONDON (ShareCast) - (ShareCast News) - London stocks were in the red amid a lack of drivers on a quiet day for news and economic data releases.


A rally in Chinese stocks failed to boost the UK market, as the China Securities Journal reported that the deputy governor of the People's Bank of China said the country's stock market correction is "almost over".

Speaking at an annual meeting of the International Monetary Fund and World Bank in Peru, Yi Gang said corrections in Chinese stock markets have had a limited impact on the nation's economy thanks to policy measures implemented by the PBoC.

Meanwhile, the US bond market is closed for Columbus Day but the US equity market will remain open. Given the lack of economic data, traders are likely to mull over expectations for an interest rate hike ahead of the Federal Reserve's 27-28 October policy meeting. The Fed has said it expected a rate hike this year but a weak non-farm payrolls report this month has prompted many analysts to push back their forecasts to 2016, as far as late in the year. Investors will be turning to speeches from Fed policymakers in afternoon trade for any hints.

"Though US bond markets are closed today, equity markets are open and as such we could still get some extra colour in the aftermath of last week's Fed minutes and how last month's payrolls numbers have impacted the views of a number of FOMC policymakers with speeches from the Atlanta Fed President Dennis Lockhart, Chicago Fed President Charles Evans and permanent member Lael Brainard [later on Monday]," said Michael Hewson, chief market analyst at CMC Markets.

"It is no secret that Charles Evans will probably be dovish, having already stated he would prefer to wait until next year to raise rates, but Dennis Lockhart's comments will be of particular interest given his comments in August that the bar to not raising rates was a high one, only for him to then change his mind."

Among sectors, gains in oil slowed at midday with Brent crude up 0.15% to $52.73 per barrel and West Texas Intermediate up 0.12% to $49.69 per barrel. WTI was above $50 in morning trade, on a falling US oil rig count and suggestions that major oil producers will work together to address low prices.

In company news, Rolls Royce was the biggest faller on reports that EU regulators could begin looking into the servicing contracts that component manufacturers have with airlines.

Standard Chartered declined following news last week that it could cut up to 1,000 senior jobs to reduce costs.

Glencore dropped as the troubled miner began the process of selling two of its copper mines in Australia and Chile.

Randgold Resources and Fresnillo were given a lift as gold, silver and copper prices rose.

Carillion jumped after expressing confidence with its full-year targets, as it said it has signed contracts, secured preferred bidder positions and been awarded frameworks worth around £1.7bn since 30 June.



Market Movers

techMARK 3,032.60 -0.63%

FTSE 100 6,388.16 -0.44%

FTSE 250 17,034.96 -0.30%



FTSE 100 - Risers

Smiths Group (SMIN) 1,056.00p +3.02%

Randgold Resources Ltd. (RRS) 4,503.00p +1.83%

International Consolidated Airlines Group SA (CDI) (IAG) 570.50p +1.42%

Fresnillo (FRES) 744.00p +1.29%

Coca-Cola HBC AG (CDI) (CCH) 1,489.00p +1.09%

Intu Properties (INTU) 339.80p +0.83%

SABMiller (SAB) 3,696.00p +0.75%

Royal Mail (RMG) 472.90p +0.72%

Babcock International Group (BAB) 989.00p +0.61%

GKN (GKN) 295.70p +0.41%



FTSE 100 - Fallers

Rolls-Royce Holdings (RR.) 722.00p -4.43%

Standard Chartered (STAN) 770.40p -2.07%

Hikma Pharmaceuticals (HIK) 2,072.00p -1.94%

Sainsbury (J) (SBRY) 270.70p -1.81%

InterContinental Hotels Group (IHG) 2,382.00p -1.81%

Ashtead Group (AHT) 1,027.00p -1.72%

Glencore (GLEN) 127.00p -1.63%

RSA Insurance Group (RSA) 409.20p -1.42%

Whitbread (WTB) 4,657.00p -1.36%

Lloyds Banking Group (LLOY) 76.20p -1.31%



FTSE 250 - Risers

Carillion (CLLN) 320.10p +6.10%

Bank of Georgia Holdings (BGEO) 1,992.00p +5.06%

Allied Minds (ALM) 416.00p +4.52%

Centamin (DI) (CEY) 68.70p +4.41%

Man Group (EMG) 155.00p +2.99%

Weir Group (WEIR) 1,427.00p +2.15%

Home Retail Group (HOME) 150.80p +1.96%

Fidelity China Special Situations (FCSS) 129.10p +1.89%

Debenhams (DEB) 81.75p +1.87%

Poundland Group (PLND) 297.00p +1.71%



FTSE 250 - Fallers

Electrocomponents (ECM) 204.20p -4.98%

AO World (AO.) 154.30p -4.58%

OneSavings Bank (OSB) 358.70p -3.83%

Vectura Group (VEC) 161.00p -3.59%

Rotork (ROR) 188.30p -2.84%

Cobham (COB) 297.70p -2.84%

Zoopla Property Group (WI) (ZPLA) 219.20p -2.58%

Sophos Group (SOPH) 226.80p -2.24%

Enterprise Inns (ETI) 106.90p -2.11%

Supergroup (SGP) 1,347.00p -1.97%



FTSE TechMARK - Risers

SDL (SDL) 388.50p +2.24%

Oxford Instruments (OXIG) 669.50p +1.67%

E2V Technologies (E2V) 239.75p +1.27%

Torotrak (TRK) 6.54p +1.03%

Oxford Biomedica (OXB) 7.50p +0.94%

Consort Medical (CSRT) 939.50p +0.86%

Spirent Communications (SPT) 77.00p +0.65%

Ricardo (RCDO) 908.50p +0.55%

KCOM Group (KCOM) 91.00p +0.28%

IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 203.34 +0.22%



FTSE TechMARK - Fallers

Sarossa (SARS) 1.82p -4.71%

XP Power Ltd. (DI) (XPP) 1,539.00p -1.97%

Skyepharma (SKP) 336.00p -1.03%

NCC Group (NCC) 248.50p -0.90%

Dialight (DIA) 665.00p -0.75%

Sepura (SEPU) 172.50p -0.29%

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE