Afternoon markets watch: Old Mutual fall drags down FTSE mining stock gains

After jumping this morning following news of Xstrata's bid for Lonmin, the FTSE 100 had flattened out...

After jumping this morning following news of Xstrata’s bid for Lonmin, the FTSE 100 had flattened out by midday as Old Mutual posted poor results. The index closed at 5467.9, an increase of 0.31% from its opening levels. Lonmin ended the day up 46.7% at 3403p per share, while Old Mutual’s first half earnings dragged down its share price. The UK insurer, which relies on the slowing US for one tenth of its profits, saw its profits fall the most they had since 1999. The stock lost 10.4% with shares trading at 95.3p at the close of trading. Eurasian Natural Resources was the second stronge...