Where am I? 
Home Investment Economics / Markets
The mining sector is struggling in early trading this morning as platinum giant Lonmin unveiled its $457m rights issue.
London's blue chip index has opened the week marginally lower, down 12.54 points, or 0.28%, to 4,449.55 at 8.15am.Lonmin is among the heaviest decliners this morning after announcing it will issue 35m shares at 900p apiece in a 2 for 9 rights issue. The cash call comes as Lonmin posted a $196m pre-tax loss in the six months to March 31. Its share price has fallen 4.25% to £15.53 early.
Fellow miners Eurasian and Vedanta are also behind, down 3.32% to 656p and 3.07% to £12.61 respectively.
Specialist chemicals company Johnson Matthey leads the losses so far, down 5.81% to £12.
Better news for Centrica however, it is up 3.52% to 235.50p after it agreed to buy a 20% stake in EDF-owned British Energy for £2.3bn.
In Japan, Tokyo's Nikkei 225 finished Monday 19.15 points higher, or 0.20%, to 9,451.98 yen.
In the US, better-than-expected bank stress test results helped the Dow Jones close last week 164.80 points higher, or 1.96%, to 8,574.65.
IFAonline| Comment | Miner declines on Lonmin cash call |
Related articles
From IFAonline
Categories
Tags
Comments
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
Ensure you never miss another story by following IFAonline regularly updated news feed on Twitter.
Events
Poll
|
|
Related Information
Job search
Adviser Careers will open the right investment career path for you. Search hundreds of vacancies on www.advisercareers.com now
In Focus
The “Structured Products” industry has come a long way over the last few years and in my opinion has evolved, and not devolved itself, alongside the more traditional investment markets.
Viewpoints
For investment professionals only. Not approved for use with customers.
sponsored by
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment