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FTSE 100 dragged back by mining companies

The FTSE 100 opened 31 points down on Wednesday, or -0.45%, at 6700 points.

“While the rest of the markets opened flat, the FTSE took a drubbing after the bell, hammered by its mining stocks,” said Connor Campbell, financial analyst and Spreadex.

“Though copper’s losses have stalled after 2 days of decline, the UK index’s weighty miners are still deep in the red. Rio Tinto and BHP Group were the worst hit, falling 3.2% and 2.9% respectively.”

FTSE 100 Top Movers

Spiral-Sarco (3.33%), M&G (2.21%) and Just Eat (1.87%) headed up the index on Monday’s morning trading.

At the bottom end were three mining companies, Rio Tinto (-2.44%), Fresnillo (-1.84%) and BHP (-1.75%), the FTSE 100’s top fallers so far.

Just Eat

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Just Eat Takeaway confirmed on Wednesday that it anticipated additional growth in 2021 after an increase in orders due as nationwide lockdowns to the coronavirus pandemic allowed the company to meet its expectations for 2020. 

Demand for food-delivery services soared by 42% to 588m orders during 2020 as lockdown restrictions kept customers away from restaurants. The FTSE 100 company also expects to increase its market share in 2021 in the UK on the basis of an 88% increase in orders over January and February of this year.

Legal and General confirmed on Wednesday that its profits fell for the financial year gone although the firm says it is still on course to meet its five-year ambitions. The asset manager announced its operating profit fell by 3% to £2.2bn, while profit before tax was dipped by 12% to £1.6bn.

The FTSE 100 company put these figures down to lower interest rates and market movements. Legal and General paid out a full year dividend of 17.57p per share despite the pandemic and in line with its five-year ambitions.

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