Mining sector drags FTSE 100 down on Monday

The FTSE 100 Index, Britain's benchmark stock market gauge, decreased by 0.36 percent, or 25.47 points, to 7,064.30 points, on Monday due to the poor performance of mining sector.

Citigroup, UBS Group AG, and Standard & Poor's all cut their price forecasts for iron ore over the coming years, weighing on the shares in the mining sector.

Standard & Poor's cut the credit ratings of eight mining companies on "watch negative" on Monday after lowering price assumptions through to 2017. The companies included BHP Billiton, Rio Billiton, Vale, Fortescue Metals Group Ltd. and Anglo American Plc.

Ashtead Group's share price increased by 1.58 percent, topping the gainers of the blue chips. Royal Bank of Scotland Group, Aviva, HSBC Holdings and Barclays increased by 1.23 percent, 1.17 percent, 0.96 percent and 0.93 percent respectively.

BHP Billiton led the top losers of the blue chips with a share price drop of 3.25 percent, followed by Tesco (2.67 percent), Antofagasta (2.50 percent), Anglo American (2.28 percent) and Pearson (1.90 percent).

The index has gained 8.97 percent so far this year when measured in U.S. dollars. Endit