FTSE 100 watch: Blue-chip miners drag Footsie lower

FTSE 100 watch: Blue-chip miners drag Footsie lower
Written by:
Alice Young
March 11, 2020

The UK benchmark index has fallen into the red in today’s session, pressured, by a fall in miners, whose shares have been sold off following the previous session’s rise. In individual movers, shares in GlaxoSmithKline (LON:GSK) and ITV (LON:ITV) have been in demand on the back of their respective company updates.

FTSE 100 loses ground

As of 13:38 BST, the FTSE 100 had given up 62.96 points to stand 0.82 percent lower at 7,646.09. Miners are proving a drag on the blue-chip index in today’s trading, with Fresnillo (LON:FRES), which updated investors on its production today, is leading the sector lower, having given up 8.68 percent to 1,010.00p so far today.

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“It was a strong start to the week yesterday and I think we’re back to looking at the potential negatives and people […] are taking risk off the table,” said Mike van Dulken, head of research at Accendo Markets, as quoted by Reuters.

Individual movers

GSK has been one of today’s biggest blue-chip risers after unveiling a shake-up at its R&D unit which will see the company focus on science related to the immune system, the use of genetics and investments in advanced technologies. The group’s shares are currently changing hands 1.24 percent higher at 1,576.17p.

ITV has been another prominent FTSE 100 riser after revealing a rise in advertising revenue, helped by the World Cup which saw England reach the semi-finals, as well as reality show Love Island. The broadcaster’s share price is 0.41 percent better off at 171.15p.

Informa (LON:INF) has been at the other end of the spectrum after reporting lower statutory profit for the first half of the year. Informa’s share price is 3.95 percent down at 816.40p.

The FTSE 100 0.80 percent down at 7,647.63 points as of 14:07 BST on Wednesday, 25 July 2018.