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FTSE falters as mining shares fall, Rolls-Royce extends loss

Reuters - UK Focus

* Rolls-Royce falls for second day on broker downgrades

* Mining shares under pressure as metal prices fall

* ARM boosted by Morgan Stanley (Xetra: 885836 - news) upgrade

By Atul Prakash

LONDON, July 7 (Reuters) - Britain's benchmark equity index dropped on Tuesday, with Rolls-Royce falling for a second straight session after brokers cut share price targets following a profit forecast downgrade, while weak metal prices weighed on mining shares.

The FTSE 100 index was down 0.3 percent at 6,514.44 points, having fallen 0.8 percent on Monday after Greeks rejected austerity conditions in a proposed bailout programme.

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Rolls-Royce fell 4.9 percent, extending a 6.3 percent drop in the previous session when the company cut profit forecasts, after investment banks Natixis (Paris: FR0000120685 - news) , Investec (LSE: INVP.L - news) , Bernstein and RBC (Other OTC: RBCI - news) all reduced price targets on the stock.

Rolls-Royce was the weakest FTSE 100 stock in percentage terms, while property group Land Securities (LSE: LAND.L - news) was the top gainer, rising 3 percent after UBS (NYSEArca: FBGX - news) raised its rating on Land Securities to "buy" from "neutral".

However, mining stocks declined after copper prices fell to a five-month low on concern about economic growth in China, the world's top metals consumer.

The FTSE 100 is down nearly 1 percent this year, and some 9 percent below a record high of 7,122.74 points reached in April.

"While Greece remains in focus, the volatility in Chinese stock markets has continued, impacting on commodity prices and related sectors such as the miners," Hargreaves Lansdown (LSE: HL.L - news) equity analyst, Keith Bowman, said.

An emergency euro zone summit on Tuesday will hear new proposals from Greek Prime Minister Alexis Tsipras on a further bailout. Without more aid, Greece may become the first state to leave the euro since the single currency was introduced in 1999. (Additional reporting by Sudip Kar-Gupta Editing by Louise Ireland (Other OTC: IRLD - news) )