The mining sector is struggling in early trading this morning as platinum giant Lonmin unveiled its ...
The mining sector is struggling in early trading this morning as platinum giant Lonmin unveiled its $457m rights issue.
London's blue chip index has opened the week marginally lower, down 12.54 points, or 0.28%, to 4,449.55 at 8.15am.
Lonmin is among the heaviest decliners this morning after announcing it will issue 35m shares at 900p apiece in a 2 for 9 rights issue. The cash call comes as Lonmin posted a $196m pre-tax loss in the six months to March 31. Its share price has fallen 4.25% to £15.53 early.
Fellow miners Eurasian and Vedanta are also behind, down 3.32% to 656p and 3.07% to £12.61 respectively.
Specialist chemicals company Johnson Matthey leads the losses so far, down 5.81% to £12.
Better news for Centrica however, it is up 3.52% to 235.50p after it agreed to buy a 20% stake in EDF-owned British Energy for £2.3bn.
In Japan, Tokyo's Nikkei 225 finished Monday 19.15 points higher, or 0.20%, to 9,451.98 yen.
In the US, better-than-expected bank stress test results helped the Dow Jones close last week 164.80 points higher, or 1.96%, to 8,574.65.
