Tuesday 06 July 2021 4:22 pm

FTSE 100 slides as miners drive fall

Just four companies left the junior market due to financial distress over the last year

London’s FTSE 100 slid this afternoon driven by sharp losses among mining stocks.

The capital’s premier index dipped 0.94 per cent to 7,097 in the afternoon session.

The fall was driven by mining stocks notching losses, triggered by concerns that historic high oil prices may drive up costs, eroding their underlying value.

The losses come despite the Prime Minister confirming an all Covid restrictions will end in England on 19 July.

Drops were extends to the mid-cap FTSE 250, which was down 0.65 per cent, while AIM shares slipped 0.13 per cent.

Winners and losers

The morning’s best performer was United Utilities, gaining 1.25 per cent.

Software provider Avast came second, adding 1.21 per cent, while real estate development company Segro came third, up 1.16 per cent.

Property developer British Land took the afternoon’s worst performer spot, sliding 4.65 per cent, building on this morning’s losses.

Miners Antofagasta and Evraz came were the second and third worst performers, dropping 4.42 per cent and 4.19 per cent respectively.

Around the world

London’s poor performance extended across the pond, with all three of the US’s flagship indexes down.

The S&P 500 lost 0.66 per cent during the open, while the Dow Jones slid 1.22 per cent.

The tech-heavy Nasdaq also notched losses, slipping 0.03 per cent.

Most notably on US markets, ride-hailing app Didi saw its shares plummet 25 per cent after Chinese authorities said they will intensify their clampdown on overseas listings rules.

European shares fared no better as the Stoxx 600 dipped 0.72 per cent.