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Copper miner Antofagasta leads FTSE 100 lower Drugmaker Glaxo drags down FTSE 100
(about 4 hours later)
With a 4.2% fall, shares in copper miner Antofagasta were the biggest losers on the FTSE 100. Drugmaker GlaxoSmithKline was the biggest faller on the FTSE 100, despite seeing a rise in third-quarter sales and profits.
The pharmaceutical giant's advice that it remained on course for its full-year earnings guidance failed to stop shares sliding 5.9%.
Overall, the FTSE 100 closed down 1.05% or 79.33 points at 7,447.21.
The pound rose 0.95% against the dollar to $1.3260. It also gained ground on the euro, rising 0.58% to €1.1231.
Sterling pushed higher after the first estimate of UK growth in the third quarter was slightly higher than expected.
Economists are betting that the data will spur the Bank of England to raise interest rates next week.
With a 4.3% fall, copper miner Antofagasta was the second-biggest loser on the 100-share index..
Antofagasta controls one of the world's biggest copper mines, Los Pelambres in central Chile.Antofagasta controls one of the world's biggest copper mines, Los Pelambres in central Chile.
Analysts said there was some disappointment about its forecast for copper production in 2018.Analysts said there was some disappointment about its forecast for copper production in 2018.
Meanwhile shares in Lloyds Banking Group reversed early losses to trade 0.7% higher, following its latest trading update. Meanwhile, shares in Lloyds Banking Group reversed early losses to rise 1%, following its latest trading update.
Profits jumped to £1.95bn with the company opting not to set aside any further funds to cover the mis-selling of payment protection insurance.Profits jumped to £1.95bn with the company opting not to set aside any further funds to cover the mis-selling of payment protection insurance.
Overall, by noon, the FTSE 100 was flat at 7,514.
On the currency markets the pound pushed higher after the first estimate of UK growth in the third quarter was slightly higher than expected.
The pound rose by more than a cent against the dollar to trade at $1.3253. It also gained ground on the euro, rising by 0.7% to trade at €1.1245.
Economists are betting that the data will spur the Bank of England to raise interest rates next week.
"The latest GDP figures revealed that the economy re-gained a bit of momentum in the third quarter and have probably sealed the deal on an interest rate hike next week," said Ruth Gregory, UK Economist at Capital Economics.