BUZZ-UK miners: Bottom of FTSE after Investec downgrades

Mon Aug 10, 2015 3:37am EDT
 
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** UK mining stocks down 1.4 pct after Investec cuts its commodity price forecast due to weakness in Chinese demand

** BHP, Anglo, Rio, Randgold and Antofagasta down 1-2 pct, top five FTSE 100 losers

** "Evidence of further weakness in the Chinese economy ... has necessitated further downgrades to our commodity price deck," analysts say

** Investec analysts double downgrade Glencore to "sell" from "buy", and cut rating on gold miners Randgold , Acacia and Centamin to "hold" from buy"

** PT cut on BHP, Anglo, Rio, Antofagasta, Ferrexpo and Lonmin

** Largest percentage PT cut on Lonmin, down 60 pct to 35p; shares now at record lows of 41p

** Centamin among top FTSE 250 losers, with 30 pct of its daily avg going through in the first 30 mins of trade (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)