Precious metals miners Fresnillo has plummeted on concerns over levies on the mining sector in Mexico. "All of Fresnillo's seven operational mines are in Mexico, leaving it heavily exposed to such an increase in its tax burden," said Financial Sales Trader Max Cohen from Spreadex.
Sector peer ENRC was also taking a hit, albeit a much smaller one.
Rolls-Royce was also sitting in the red. It was reported over the weekend that the aircraft manufacturer is increasing its investment in Singapore. The company's turbulent operations in Asia have been widely-publicised in the past few years, including allegations of corruption from the Indonesian and Chinese officials. Speaking to the WSJ, the group said that over the next 20 years, 45% of revenues would be from Asia and Middle East.
Meanwhile, insurers were performing well, with Standard Life, Legal & General and Prudential among the highest risers. The latter was given a lift by Panmure Gordon this morning after it raised its target price for the stock, saying that the business is "undervalued".
Standard Life's Chief Executive said over the weekend that the Retail Distribution Review is going to improve the reputation of the financial services industry and will be an important part of both driving auto-enrolement and long-term care reforms.
Speaking at a conference he said: "A lot of industries don't start with customer needs but we have a big opportunity to do that with big social policy such as auto-enrolment. It also means you have strategies that work. One of the big changes this year in January is the RDR so if you think about how financial services products have been sold over the past 20 years there has been an inherent financial bias induced because of commission, which has now been removed."
He added: "We are beginning to get into the concept of transparency of pricing, i.e charged products, or advice based on fee, i.e sitting down and negotiating with your adviser. It is a fundamental change in financial services and it should help the backdrop of improving the reputation of the industry."
Burberry is up on reports the fashion label's Chief Executive Officer has commented that store traffic is strong in London and Paris, despite the continued challenging business climate.
Barclays was boosted by Nomura, which upgraded its rating by two notches from 'reduce' to 'buy' saying that the UK banking group is well-positioned for building macroeconomic momentum.
FTSE 100 - Risers
Standard Life (SL.) 355.40p +3.71%
Antofagasta (ANTO) 878.00p +3.35%
International Consolidated Airlines Group SA (CDI) (IAG) 325.20p +3.34%
Sage Group (SGE) 359.80p +2.59%
Aviva (AV.) 421.10p +2.51%
easyJet (EZJ) 1,332.00p +2.46%
AstraZeneca (AZN) 3,247.00p +2.28%
Meggitt (MGGT) 568.50p +2.25%
Prudential (PRU) 1,193.00p +2.23%
Shire Plc (SHP) 2,532.00p +2.22%
FTSE 100 - Fallers
Fresnillo (FRES) 1,052.00p -12.19%
Eurasian Natural Resources Corp. (ENRC) 215.70p -1.95%
Rolls-Royce Holdings (RR.) 1,114.00p -0.98%
Persimmon (PSN) 1,152.00p -0.86%
Weir Group (WEIR) 2,350.00p -0.59%
Admiral Group (ADM) 1,216.00p -0.57%
Randgold Resources Ltd. (RRS) 4,483.00p -0.47%
Rexam (REX) 500.00p -0.40%
Tate & Lyle (TATE) 790.00p -0.38%
ITV (ITV) 182.80p -0.33%