AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

London’s FTSE 100 slipped on Thursday weighed down by underwhelming earnings from mining companies, while gains in airline stocks and brick maker Ibstock helped the midcap index stay afloat.

The blue-chip index edged 0.1% lower.

Mining stocks fell 4.2%, led by a 6.7% decline in Anglo American after the company lowered its production outlook due to inflation.

“The earnings season is probably the focus at the minute,” said Ian Williams, economist and strategist at Peel Hunt.

“With wage costs and raw material costs going up as well as supply chain disruptions… the risk to earnings forecast is very much from the cost line rather than the revenue line.”

BHP Group fell 1.4% after the world’s largest listed miner reported weaker-than-expected iron ore production for the March quarter due to a pandemic-related labour crunch.

Antofagasta lost 7.5% as the Chilean miner’s first-quarter copper production fell 24% year-on-year to 138,800 tonnes hit by continued drought and lower grades.

Financials stocks lift FTSE 100 higher; resource stocks cap gains

Meanwhile, investor focus was also on comments from U.S. Federal Reserve Chair Jerome Powell, Bank of England Governor Andrew Bailey and European Central Bank President Christine Lagarde due later in the day.

“We’re in a bit of a no man’s land currently waiting for more guidance on central bank monetary policy, the view that seems to be shifting on a daily basis,” Williams said.

Defensive consumer staple stocks such as Diageo, Unilever and drugmaker AstraZeneca gained between 1% and 2%, limiting losses on the FTSE 100 index.

The domestically focused midcap FTSE 250 index rose 0.4%, with Wizz Air and Easyjet rising 5.1% and 3%, respectively.

U.S. peer United Airlines Holdings had unexpectedly forecast a profit for the second quarter on booming travel demand.

Ibstock climbed 7.9% as the company forecast full-year performance ahead of its expectations.

Pest control services provider Rentokil Initial gained 2.9% on strong current-quarter momentum.

Comments

Comments are closed.

Miners drag FTSE 100 lower after downbeat earnings; Ibstock tops FTSE 250

‘Won’t take IMF’s dictation’: Dar

FY22 trade with US soars 38.3pc to $10.5bn YoY, NA told

US unveils high-tech B-21 stealth bomber

PM seeks reform plan: Power sector PDM govt’s Achilles heel

Taxation-related issues of IT sector: FBR nominates IR Commissioners as focal persons

Maj-Gen Sharif made ISPR DG

SBP repays $1bn bond before due date

PM urges Chinese co to invest in renewable energy sector

Import of urea: PPRA refuses to give fresh exemption

ECC decides to import urea; Rs8bn okayed for MPs’ schemes