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* FTSE 100 down 0.2 pct
* Lloyds up after M&A news
* Miners weigh
By Kit Rees
LONDON, Dec 20 Britain's top share index fell on
Tuesday as miners pulled back, though Lloyds rose after
a deal to buy a credit card business.
The blue chip FTSE 100 index was down 0.2 percent at
7,000.76 points by 0941 GMT, underperforming a broadly positive
Mining stocks, were the standout fallers,
retreating 0.7 percent, with precious metals miners Fresnillo
and Randgold Resources down 1.5 percent and 1.4
percent as the price of gold eased.
Antofagasta and Glencore were down around
"Towards the year-end ... some fund managers (are) looking
to book profits on stocks that have performed very well. If we
take a look at some of the more diversified miners, they've seen
aggressive moves this year," Dafydd Davies, partner at Charles
Hanover Investments, said.
British miners are up nearly 95 percent this year, led by
mid cap Hochschild, which has surged nearly 300
percent, and Anglo American, which has gained more than
Banking stock Lloyds was among the top gainers, up
1 percent following its deal to buy the MBNA credit card
business from Bank of America for 1.9 billion pounds
($2.4 billion) in an effort to increase profit and reduce its
reliance on mortgage lending.
"The anticipated financial performance and shareholder value
creation that is expected to be generated by this transaction is
impressive, in our view, and suggests a better use of capital
than simply returning it to shareholders," Gary Greenwood,
analyst at Shore Capital, said in a note.
Housebuilding stocks Barratt Developments and
Persimmon were also among the top gainers, up 2 percent
and 1.2 percent respectively.
Both stocks were hit by the UK's vote to leave the European
Union in June, with investors concerned that a potential
slowdown in the British economy could impact more
domesticallyexposed stocks, such as housebuilders.
Barratt Developments is down 23 percent for the year and
Persimmon is down over 14 percent.
Outside of the blue chips, Paysafe jumped nearly 5
percent after announcing a buyback of up to 100 million pounds
(Reporting by Kit Rees; Editing by Mark Trevelyan)