Market overview: Footsie falls 100 points to 6,247



LONDON (ShareCast) - 1630: Close The FTSE 100 was registering triple-point losses by the close on Monday as political uncertainty in the Eurozone gripped bond markets, sending yields in Spain and Italy soaring to their highest levels of 2013. Cyclical sectors in London were bearing the brunt of the sell-off, with miners and banks both out of favour. Gold producer Randgold was bucking the trend though after its fourth-quarter production report. George Osborne's plans to 'electrify the ringfence' weighed on the shares of Barclays (LSE: BARC.L - news) , RBS (LSE: RBS.L - news) and Lloyds today; meanwhile Barclays was hit by news that its Finance Director is to step down. Over on the FTSE 250 (FTSE: ^FTMC - news) , Salamander surged over 11 per cent after an oil find, while gold miner Centamin (Toronto: CEE.TO - news) rose on market chatter that a decision on the validity of its flagship Sukari mine contract is imminent - the court ruling has been weighing on the stock since the end of October. The FTSE 100 closed down 100 points at 6,247.

1443: Investors poured a record 77.4bn dollars into US-listed mutual funds and exchange traded funds during January, smashing the previous record of 53.7bn dollars in February 2000, which was just before the technology stock bubble burst. TrimTabs Chief Executive Officer David Santschi says the inflow should make contrarians very nervous because inflows into funds have historically coincided with market tops.

1418: Despite the sell-off seen in the mining sector today, gold miners Randgold and Centamin are bucking the trend. Randgold is up four per cent after saying it achieved record production and profit levels in 2012. Production is expected to increase by at least 13 per cent in 2013 also. Meanwhile, Centamin has jumped 5.9 per cent on market chatter that a decision over the validity of its flagship Sukari mine contract is imminent. Centamin plummeted in late-October on concerns that it could lose the mining contract. Risk Thakrar, the risk manager and senior dealer at Spread Co, said in an e-mail today: 'Despite there being no official announcements, rumours have provided enough momentum to push the stock through [technical] resistance barriers.'

1355: The FTSE 100 has sunk further into the red and is now down 71 points at 6,276, though today's 1.1 per cent fall is still more mild than those seen across Europe as political risk hits markets in both Spain and Italy, where 10-year bond yields have gained 19 basis points and 11 basis points, respectively. In London, mining stocks have taken a hit across the board, with Antoagasta, Kazakhmys (LSE: KAZ.L - news) and ENRC losing at least three per cent each. In New York, stock futures are pointing to a weak start when Wall Street opens in just over half an hour.

1227: Regulators in China have moved in recent weeks to make sure some banks don't overextend themselves with excessive lending, according to a report in The Wall Street Journal. That follows on some reports out over the weekend of high bank lending figures for January.

1226: In an interview with Bloomberg on February 2nd the President of the US Federal Reserve of St (BSE: STCORP.BO - news) .Louis, James Bullard, indicated that in his opinion the pace of quantitative easing ought to be moderated if the "data stays strong."

1047: West Africa and Mali focused gold miner Randgold Resources is leading gains on the Footsie (FTSE: ^FTSE - news) after unveiling a 16 per cent increase in its annual profits, to 511m dollars. ITV (LSE: ITV.L - news) is in second place following a price target upgrade from analysts at Credit Suisse (NYSE: CRP - news) , to 125p from 111p before. Salamander and Centamin are the best performers now on the FTSE 350. The latter is again attacking technical resistance at 61.5p on what appear to be above-average trading volumes. FTSE 100 down 28 to 6,320.

1015: Centrica (LSE: CNA.L - news) has just confirmed press reports out over the weekend that it will not invest in the construction of new nuclear reactors in the United Kingdom. It has also announced the launch of a new 500m pound share repurchases programme.

0930: Markit´s construction sector purchasing managers´ index remained unchanged at 48.7 in January, slightly below expectations.

0830: UK stocks have begun the session slightly lower ahead of a week which will see investors centre their attention on the main European central banks and a raft of Chinese data due out on Friday. BG Group (LSE: BG.L - news) is leading advancers ahead of its results later in the week, while Burberry is being pushed higher on the back of data showing a slight acceleration in the Chinese service sector during the month of January. Meggitt´s share price has been undercut by a downgrade out of UBS (Berlin: UBRA.BE - news) to neutral from buy. Osborne is due to give a speech on banking sector regulation later today. The construction PMI for January is published at 9:30 (Consensus: 49.2; Previous: 48.7). Barclays Research expects the headline index to fall further, to 48.0 from 48.7, owing to weather-related disruption to activity. FTSE 100 down 10 to 6,337.