Mining giants record Labor Day losses

By MoneyhighStreet Staff. Published on September 1, 2008 This post currently has no comments.

Mine
Major US mining firms were suffered significant falls on the FTSE at the close, with giants Rio Tinto and Anglo American among the biggest losers.

Anglo American was valued at 2780.00 pence, reflecting a 152-point loss, while Rio Tinto made a 219-point loss to close at 5010 pence.

Although prices were expected to be down at the close due to the US Trader''s Labor Day holiday, falling metal prices are also likely to have contributed.

Xstrata also made significant losses, falling 157 points to close at 2909 pence.

The world''s largest mining company also fell by 71 points - its first loss for four days, reports Bloomberg.

Ian Vose, head of global developed markets at Scottish Widows investment partnership, told the news agency: "Economic growth is slowing, but I think investors are still trying to get to grips with how bad that could be in terms of bearing down on corporate-profit margins."