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FTSE 100 lower as mining shares slide FTSE 100 lower as mining shares slide
(about 3 hours later)
(Open): London's leading share index dropped in early trade, as mining stocks went into reverse following Tuesday's gains. (Noon): Mining shares dragged London's leading index lower after Antofagasta predicted lower copper output next year.
The benchmark FTSE 100 index was down 34.02 points, or 0.5%, at 6,983.62. Shares in the Chilean mining company sank 6.5% on the news, making it the biggest faller in the FTSE 100. Elsewhere in the mining sector, Anglo American was down 2.7%.
Chilean mining company Antofagasta was the biggest faller on the index, down 6.75%, after it said copper output would fall next year. By midday, the benchmark index was down 64.62 points, or 0.9%, at 6,953.02.
Other mining shares were also lower, with Anglo American down 2% and Glencore and BHP Billiton falling 1.6%. Lloyds shares recovered from early losses following its latest results.
Shares in Lloyds Banking Group dropped 3% after it reported a fall in third-quarter profits and said it had set aside a further £1bn to cover PPI mis-selling claims. The bank reported a fall in third-quarter profits and said it had set aside a further £1bn to cover PPI mis-selling claims. Its shares fell 3% in early trade, but then recovered to stand 0.3% higher at 55.51p.
On the currency markets, the pound edged up 0.05% against the dollar to $1.2195 but fell 0.2% against the euro to €1.1173. Shares in airlines and supermarkets were having a good day, British Airways owner IAG rose 1.4% and Easyjet gained 0.9%, while among the supermarkets both Sainsbury's and Tesco were up by more than 1%.
On the currency markets, the pound rose 0.2% against the dollar to $1.2207 but fell 0.1% against the euro to €1.1183.