(MENAFN- ProactiveInvestors) Footsie closed out the afternoon firmly lower as investors took flight amid a continuing fall in crude and disappointing data from the UK and USA.
The UK benchmark closed down over 50 points at 6366 with equipment rental firm () the biggest laggard while miners were lifted.
Ashtead dropped 6.18% after a broker downgrade on its US peer yesterday.
The fall in crude prices continues with the black gold reaching new lows having plunged yesterday.
It is the first time Brent crude has fallen below US$53 a barrel since May 2009.
New figures showed that the UK service-sector growth slowed more than expected in December 2014 as the purchasing managers’ index (PMI) fell to 55.8 from 58.6.
Meanwhile stats from the US also showed growth in the US services sector slowed to a six-month low last month (Decermber). The benchmark Dow Jones is down over 176 points at the time of writing as investors take flight.
To Europe and the Greek situation is also still in focus with some analysts suggesting the election in the country could be the end of the Eurozone thus there is heightened investment activity surrounding safe-haven assets such as gold.
Indeed miners were on the front foot Tuesday on FTSE100. () was up 2.86% while () topped the Footsie leader board up 4.87%.
A notable London riser was small cap () which saw shares skyrocket over 244%.
It comes after its database software subsidiary DataTern received a boost on appeal in its patent infringement battle with MicroStrategy and other tech firms.
A US Federal Court has sent the case back to the Massachusetts District Court that previously ruled MicroStrategy had not infringed DataTern’s patents.
() also added over 52% on the day as it received written notification that the lease cancellation order for Block VI of the Thar coalfield in Pakistan will be rescinded on receipt of a performance guarantee from SCEL and it setting up a new office in Karachi.
Four Ortac () directors have topped up their holdings the mininbg firm said today. Shares went 4.76% higher.
Gold miner Caledonia () shares went up 3.9% as it has declared a dividend of one and a half Canadian cents (C$0.015) its fifth quarterly payment.
The group’s core asset is the 49% owned Blanket gold mine in Zimbabwe where the company recently announced a US$70mln expansion to double output to 80000 ounces by 2018.
In 2014 Caledonia paid an annual aggregate dividend of six Canadian cents ($0.060) per common share.
The miner said it intends to maintain its annual dividend at this level with payments made quarterly.
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