The UK’s commodity-heavy FTSE 100 edged lower on Tuesday dragged by base metal miners on weaker copper prices, although losses were capped by the gains in Barclays after the British lender unveiled its overhauling plans.
The FTSE 100 index was down 0.1%, as of 0817 GMT, while the mid-cap FTSE 250 shed 0.3%.
Industrial miners dropped 2.4%, as copper prices traded lower against a firm dollar, while traders weighed the demand prospects in top consumer China after the Lunar New Year break.
Adding to the sector’s losses, Antofagasta lost 1.6% despite reporting a 5% rise in 2023 profit, with the Chilean miner slashing its full-year dividend and reporting an increase in capital expenditure.
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On the flip side, Barclays jumped 5.4% to the top of the blue-chip FTSE 100 index, after the bank unveiled plans including bumper buybacks, an overhaul of its operations, cost cuts and asset sales to improve performance and lift shares.
Banks advanced the most among sectors, up 0.6%. Meanwhile, Goldman Sachs said that it now expected the Bank of England to deliver an interest rate cut in June from a prior forecast of May.
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