Fresnillo the laggard as FTSE 100 dips Silver miner Fresnillo was the laggard this morning after the shares were hit by a downgrade at UBS. Analyst Chris Lichtenheldt cut his recommendation on the stock to "neutral" from "buy" following a strong run in the shares since September that was "driven by increased investor appetite for high-quality assets." Fresnillo dropped 6pc as a result, the heaviest faller on the FTSE 100. "Despite the downgrade, we continue to believe Fresnillo shares offer attractive exposure if silver and gold prices move higher," the analyst said. Precious metals miner Randgold Resources was also under pressure and shed 3.7pc, while shares in gold and silver producer Polymetal fell 2.9pc. Meanwhile, the wider blue-chip index was also on the back foot and dipped 7 points in early trade on worries the US Federal Reserve may bring asset-purchases to an end, sparked by the release of Federal Open Market Committee minutes after the close yesterday. The mid-cap FTSE 250 declined 38 points. Leading the bue-chip risers was BP, which was strong in the wake Transocean's $1.4bn settlement to US authorities for its role in the Gulf of Mexico disaster. Investors are hoping the deal makes it more likely that BP was also reach a civil settlement and the shares advanced 1.8pc. Lower down the scale, there was market speculation of a share placing at Rightmove, up 0.3pc in early deals.