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British mining stocks slump, underpeform broader market rally

Reuters - UK Focus

LONDON, Jan 22 (Reuters) - Shares (Berlin: DI6.BE - news) in major British mining stocks slumped going into the close of trading on Friday, with dealers mentioning a mix of factors including a downgrade by Moody's and a slide in one of their U.S (Other OTC: UBGXF - news) . peers.

The FTSE 350 Mining Index was down 2.2 percent, underperforming a 2 percent rise in the broader FTSE 100 index .

Anglo American (LSE: AAL.L - news) fell 8.9 percent, Glencore (Amsterdam: GX8.AS - news) was down 6 percent while Rio Tinto (LSE: RIO.L - news) fell 1.7 percent.

Several traders mentioned a similar slump in the shares of U.S.-listed miner Freeport as weighing on those stocks, with Citigroup (NYSE: C - news) slashing its price target on Freeport ahead of results next week.

Others added that a decision by rating agency Moody's to put 175 oil, gas and mining companies on review for a downgrade was also hitting those mining stocks. (Reporting by Sudip Kar-Gupta and Alasdair Pal; Editing by Alistair Smout)