Fears over Chinese economy hit FTSE
Fears over the health of the Chinese economy put an end to five days of gains on London's leading shares index.China's exports rose 1% in July, sharply below forecasts of 5%, in a fresh sign that the Asian powerhouse economy is coming off the boil, while its surplus with its biggest trading partner, the EU, narrowed by 37.9% to 10.8 billion US dollars (£6.9 billion).
The FTSE 100 Index remained close to its four-month high as it closed just 4.4 points lower at 5847.1, with resource stocks, heavily influenced by Chinese demand, weighing on the market.
Fallers included Evraz, which dropped 2.7p to 270.4p, and Kazakhmys which fell 3p to 746p.
The pound was up against the US dollar at 1.56 and euro at 1.27 but had spent most of the day down against major currencies after official figures revealed producer prices slowed last month.
And Asia-facing Standard Chartered was off 36.5p to 1326.5p after a two-day rebound for the under-pressure bank following the allegations earlier this week that it covered up illegal dealings with Iran.
Barclays was the biggest riser in the top flight as investors welcomed the appointment of City grandee Sir David Walker to replace Marcus Agius as its new chairman.
Sir David, a former chairman of Morgan Stanley International who has also carried out a review into UK corporate governance, will be tasked with finding a new chief executive after the Libor rate-fixing affair claimed the scalp of Bob Diamond. Shares rose 2%, or 4.5p, to 183.4p.
Insurers were ahead after Prudential reported a 13% rise in overall group operating profits to £1.2 billion and highlighting more strong growth in its powerhouse Asian division. Its shares were 6p ahead at 810p, while Aviva rose 6.9p to 323.6p in the wake of its own half-year figures on Thursday.
In other corporate news, UK Coal shares were 21% lower, off 1.6p to 5.9p, after the miner outlined details of a rescue package with lenders, pension trustees and its power generation customers. They will extend a support package worth £90 million up to the end of 2015 but shareholders are likely to see the value of their holdings eroded as pension trustees could end up owning 75% of the company's property arm. The restructuring came as UK Coal slumped to a loss of £20.6 million in the six months to June 30.
And Asia-facing Standard Chartered was off 36.5p to 1326.5p after a two-day rebound for the under-pressure bank following the allegations earlier this week that it covered up illegal dealings with Iran.
Barclays was the biggest riser in the top flight as investors welcomed the appointment of City grandee Sir David Walker to replace Marcus Agius as its new chairman.
Sir David, a former chairman of Morgan Stanley International who has also carried out a review into UK corporate governance, will be tasked with finding a new chief executive after the Libor rate-fixing affair claimed the scalp of Bob Diamond. Shares rose 2%, or 4.5p, to 183.4p.
Insurers were ahead after Prudential reported a 13% rise in overall group operating profits to £1.2 billion and highlighting more strong growth in its powerhouse Asian division. Its shares were 6p ahead at 810p, while Aviva rose 6.9p to 323.6p in the wake of its own half-year figures on Thursday.
In other corporate news, UK Coal shares were 21% lower, off 1.6p to 5.9p, after the miner outlined details of a rescue package with lenders, pension trustees and its power generation customers. They will extend a support package worth £90 million up to the end of 2015 but shareholders are likely to see the value of their holdings eroded as pension trustees could end up owning 75% of the company's property arm. The restructuring came as UK Coal slumped to a loss of £20.6 million in the six months to June 30.
© 2013 Press Association