Morning markets watch: FTSE holds firm despite commodity hits

Basic commodity shares fell in early trading but the FTSE 100 remained in positive territory. The ...

Basic commodity shares fell in early trading but the FTSE 100 remained in positive territory. The UK’s benchmark index managed to shrug off further metal and crude oil declines which hit commodity producers. Insurance giant Legal & General reported a welcome 6% rise in interim operating profits that helped buoy markets. Rio Tinto fell 2.5% from yesterday’s high of 4805 to an early low of 4682 and BP and BHP Billiton were hit. Royal Dutch Shell, Cairn Energy and Tullow Oil also saw falls. Overnight Hong Kong dropped below 22,000 thanks to commodity falls and further bank tension – B...