FTSE mining index takes a beating; gold stocks outlook will improve
Apr 12, 2012 | 06:13 AM
The London FTSE all-share mining index has taken a beating in the opening weeks of the second quarter, following an improved performance in the first quarter, analysts at Westhouse Securities said in a morning note.
The index tumbled 749.81 points between April 5 and April 10 to 18,641.57 points, on concerns about slowing Chinese growth, the pace of the US recovery, cost pressures and resource nationalism, the analysts said.
The index was hit hard by the news that the Zimbabwean government had declared ownership of 51% of all mining companies that had failed to comply with a law that requires them to sell a majority stake to local investors.
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