Lackluster trading in the U.S. overnight also kept enthusiasm muted in London, as initial cheer over the death of al Qaeda leader Osama bin Laden evaporated and markets closed lower.
Falling commodity prices were a key factor for London on Tuesday, with gold and silver prices extending losses from Monday as the death of bin Laden reduced global jitters and triggered selling in what are traditionally considered safe-haven assets.
Also, CME Group Inc. on Monday lifted margin requirements for silver for the third time in just over a week.
Miners topped the decliner list in London.
Shares of Randgold Resources PLC UK:RRS -2.01% fell 2.8%, Fresnillo PLC UK:FRES -1.04% lost 1.9%, Kazakhmys PLC UK:KAZ -1.74% slid 1.4% and Eurasian Natural Resources Corp. PLC UK:ENRC -1.43% dropped 1.4%.
Shares of FTSE 100 heavyweight BP PLC BP -0.48% UK:BP -0.91% fell 0.7% as crude-oil futures also declined, weighed by a rising dollar.
Among the gainers, shares of Man Group PLC UK:EMG +3.28% shot up 2.6% after the hedge-fund manager announced the successful launch of a open-ended fund in Japan, which has raised $1.5 billion.
Imperial Tobacco UK:IMT +1.90% rose 2% after analysts at Morgan Stanley said it was the cheapest stock in global tobacco. “Peer results suggest that volume headwinds are abating marginally, while pricing across the industry remains robust,” said the analysts, who reiterated an overweight rating on the group.
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