Reuters: Hot Stocks: UK's FTSE falls on stimulus concerns as Japan holds policy steady

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UK's FTSE falls on stimulus concerns as Japan holds policy steady Jun 11th 2013, 08:04 Tue Jun 11, 2013 4:04am EDT * FTSE 100 down 0.6 percent * Growth-sensitive stocks combine to take 25 points off index * Fresnillo leads precious metal miners lower on Citi downgrade By Alistair Smout LONDON, June 11 (Reuters) - British share prices fell on Tuesday, led lower by growth-sensitive stocks, after the Bank of Japan opted not to extend its ultra-easy policy, renewing concerns about global central banks withdrawing stimulus. Japan's central bank held off on fresh steps to calm bond market volatility, hurting the performance of Japanese blue-chip stocks on the Nikkei. Britain's FTSE was down 41.09 points, or 0.6 percent, at 6,359.36 at 0748 GMT, and the falls kept the index in a downtrend from its May high. The FTSE 100 has now fallen 7.4 percent from that high as the U.S. Federal Reserve has begun to consider exit strategies from its own stimulus programme. "What's weighing on it mainly... is this Japan weakness," said David Jones, market analyst at IG Index. "We'll be watching central banks to see if there's any more hints of stimulus, as worry over this has clearly been the main concern in recent weeks.... If we hear more talk of quantitative easing being reigned back, then that could put even more pressure on the market as the month goes on." Sectors sensitive to stimulus and optimism over the global economy were the main drags on the index, with financials and basic materials combining to bring it down by 25 points. Mexican precious metal miner Fresnillo was the day's top faller, down 3 percent, following a cut in target price by Citi. "Our bearish view on silver and our concerns about its limited free float causing excessively high valuations mean we rate FRES as Sell," analysts at Citi said in a note. Gold miners Anglo American and Randgold were also among top fallers, both down 2.4 percent, in line with weaker precious metals prices. Gold and silver fell after Standard and Poor's raised its U.S. credit outlook, hurting demand for safe-haven assets. Link this Share this Digg this Email Reprints

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