FTSE steadies in choppy trade, Kazakhmys slumps

LONDON, June 24 Mon Jun 24, 2013 3:23am EDT

LONDON, June 24 (Reuters) - Britain's top share index steadied near five-month lows on Monday, with persistent concerns over a likely reduction in U.S. stimulus measures and concern over China's banks keeping a lid on any gains.

At 0716 GMT, the blue-chip FTSE 100 index was up 5.16 points, or 0.08 percent, at 6.121.33 points after falling to 6,105.04, the lowest since January. On Friday, it recorded its fifth straight week of losses and is now down about 11 percent since a 13-year peak in late May.

Vodafone shares opened lower before slightly recovering after saying it has agreed to buy Germany's largest cable operator Kabel Deutschland for 7.7 billion euros. Vodafone was last up 0.4 percent.

Mining stocks were the worst hit across Europe, with the STOXX Europe 600 down 0.7 percent, weighed by fresh concern over demand in China, amid fears of a banking crunch there.

Shares in Kazakhmys fell 11 percent after the board of the Kazakh miner, the single largest shareholder in miner ENRC, said it will back a buyout bid for its troubled rival.

The trio of founders behind ENRC confirmed a buyout bid valuing the group at more than 3 billion pounds ($4.7 billion). ENRC shares fell 4 percent. (Reporting by Atul Prakash; editing by Simon Jessop)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.