Miners surge but FTSE flat

The FTSE has opened flat despite a rally from miners and natural resources companies.

London's blue chip index is up 0.35 points (0.01%) to 4817.90, buoyed by the performance of metal miners, as gold, silver, platinum and copper futures held steady.

Gold extractor, Randgold Resources, is among the winners in early trading, up 7.51% to £39.66, while silver miner, Fresnillo, has added 5.64% to 637p.

Platinum miner, Lonmin, has gained 3.89% to £14.14, while Vedanta Resources and Kazakhmys have risen 3.8% to £16.93 and 3.42% to 951.5p respectively.

However, International service company, Serco Group has fallen 1.55% to 462.3p and Barclays is down 1.48% to 353.75p.

Overnight in the US, the Dow Jones extended its four day losing streak, closing down 29.93 points (0.32%) to 9280.67, dragged lower by poor economic data dampening hopes of a speedy economic recovery.

Financials, JP Morgan Chase & Co and Bank of America Corp sustained losses of 1.94% to $40.86 and 1.15% to $16.27.

However, Coca Cola Co has added 2.62% to $49.8, while post-it note manufacturer 3M Co has gained 0.66% to $70.58.

In Tokyo, the Nikkei 225 index closed down 65.82 points (0.64%) to 10214.64 as the stronger yen weighed heavily on exporters.