Both Xstrata and Glencore both fell today as battle lines were drawn over the Glenstrata merger. The opening salvos have been fired in the battle for value over the proposed $90bn merger between the two commodity giants. On one side are the shareholders of Glencore and the managements of both companies (who hold large stakes in their firms). The other faction is made up of unhappy institutional shareholders in Xstrata who believe they are being sold a pup.

While the news has prompted speculation of a bout of consolidation in the mining sector, miners were generally out of favour with Chinese economic worries doing its bit to add to selling pressure. Antofagasta, ENRC, Kazahmys and Vedanta were among the worst performers.

Oil titan BP was out of favour despite announcing a 14% increase in its quarterly dividend against a full-year replacement cost profit figure of $23,900m, compared with a loss of $4,914m in 2010. The company did warn however that underlying production would be broadly flat in 2012. However, sector peers Cairn Energy, Shell and BG Group were among the better performers tracking brent crude prices higher.

Oil and gas giant Cairn Energy was rising on news UBS has raised its target price on the stock after the shares went ex-dividend yesterday with a share consolidation.

FTSE 100 - Risers
Hargreaves Lansdown (HL.) 456.10p +3.42%
Cairn Energy (CNE) 354.80p +2.87%
Shire Plc (SHP) 2,181.00p +2.44%
WPP (WPP) 788.50p +1.61%
BG Group (BG.) 1,453.00p +1.61%
Experian (EXPN) 920.00p +1.55%
ICAP (IAP) 388.30p +1.38%
Unilever (ULVR) 2,047.00p +1.29%
British American Tobacco (BATS) 3,107.50p +1.25%
British Sky Broadcasting Group (BSY) 697.50p +1.23%

FTSE 100 - Fallers
Xstrata (XTA) 1,199.50p -4.91%
Glencore International (GLEN) 442.45p -3.97%
Kazakhmys (KAZ) 1,145.00p -3.78%
Randgold Resources Ltd. (RRS) 7,295.00p -3.57%
Antofagasta (ANTO) 1,321.00p -3.08%
Eurasian Natural Resources Corp. (ENRC) 700.00p -2.98%
Admiral Group (ADM) 971.50p -2.70%
Wolseley (WOS) 2,228.00p -2.62%
Burberry Group (BRBY) 1,409.00p -2.56%
Rio Tinto (RIO) 3,852.50p -2.37%

NR

Related share prices
BG Group (BG.) share price
Rio Tinto (RIO) share price
Antofagasta (ANTO) share price
Cairn Energy (CNE) share price
Randgold Resources Ltd. (RRS) share price
Xstrata (XTA) share price
Kazakhmys (KAZ) share price
Eurasian Natural Resources Corp. (ENRC) share price
Glencore International (GLEN) share price