FTSE erases gains, Miners disappoint

FXStreet (Mumbai) - The London’s Ftse index has erased gains to trade largely unchanged for the day at 7061.50 levels, as Mining stocks turned negative.

Mining index declines

The Ftse Mining index, which was up 0.405 earlier today, fell into losses. The index now traded 0.40% lower for the day. Meanwhile, Oil and Gas index also dropped 0.14%. Among stocks, Antofagasta and Anglo American fell 1.00% and 1.18% respectively. On the other hand, major index gainers include names like Severn Trent, Pearson, Rolls-Royce, BP, and Ashtead.

The upbeat employment report released today failed to have a major impact on the stock prices. Moreover, the election uncertainty is capping gains in the index. Opinion polls put the governing Conservatives neck-and-neck with the opposition Labour party, and the Scottish National Party may emerge as the third-biggest, raising prospects of a hung parliament.

The Conservatives have also promised a referendum on Britain's membership of the European Union by the end of 2017.