FTSE Moves: Miners drag on the London market as rising dollar prompts commodity price falls

The London market was lower in afternoon trading after mining stocks tumbled following a rise in the value of the dollar knocking commodity prices.

The FTSE 100 Index fell 34.8 points to 6824.1, after the dollar rose against a basket of major currencies following weekend comments from US Federal Reserve Vice Chairman Stanley Fischer that the US was close to its inflation and jobs targets prompting speculation that the central bank could raise interests later this year. The FTSE 250 Index fell 40.3 points to 17833.8.

The greenback lifted 0.3% against a number of major currencies, although the pound rose 0.2% against the dollar to 1.31.

Commodities fell as they are largely priced in dollars, making them more expensive.

CMC Markets chief market analyst Michael Hewson said: "Mining stocks have slid back as gold and silver prices have come under pressure on a stronger US dollar, with Fresnillo and Randgold Resources among the biggest losers."

In afternoon trading the biggest risers on the FTSE 100 Index were Taylor Wimpey (+4.8p to 158.1p), Persimmon (+37p to 1785p), Barratt Developments (+9.3p to 460p), Berkeley Group Holdings (+50p to 2537p) and Provident Financial (+47p to 2909p).

The biggest fallers on the FTSE 100 Index were Fresnillo (-112p to 1827p), Anglo American (-37.7p to 832.3p), Randgold Resources (-350p to 8000p), Antofagasta (-22.5p to 542p) and Glencore (-6.9p to 181.7p).

In afternoon trading the biggest risers on the FTSE 250 Index were Aldermore Group (+5.8p to 137.5p), Ocado Group (+12.2p to 292.3p), Redrow (+12.6p to 357.1p), Debenhams (+2.1p to 62p) and Galliford Try (+35p to 1082p).

The biggest fallers on the FTSE 250 Index were Hochschild Mining (-19.8p to 293.5p), Evraz (-8.4p to 142p), Vedanta Resources (-27p to 523p), Cairn Energy (-8.2p to 194.6p) and Acacia Mining (-23.5p to 574p).