Satellite provider Inmarsat led the worst performers on the FTSE 100 today after the company was downgraded by UBS.

Analysts at the investment bank cut the bank’s rating from buy to neutral sending the share price down 5.1 per cent by the end of play to 688 pence.

Miners had a torrid time on London’s blue chip index today with Vedanta Resources being the worst affected, dropping 4.8 per cent to 2,073 pence ahead of sector-mate Eurasian Natural Resources, which dropped 4.4 per cent to 886 pence.

Serco Group was the best performer on the index, rising 2.7 per cent to 563 pence ahead of supermarket group Morrison.

WM Morrison crept up 1.9 per cent to 287 pence. Retail stocks as a whole outperformed as a result of better-than-anticipated July retail sales figures.

The Office of National Statistics noted sales rising 1.1 per cent in July and up 1.3 per cent year on year.

Chipmaker ARM Holdings found itself in the top three gains once again, nudging upwards by 1.9 per cent to 320.2 pence.

Overall, the FTSE 100 closed down 1.7 per cent at 5211.29.