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The FTSE 100 dropped on Thursday morning, as the mining sector dragged on the blue-chip index.
Antofagasta has fallen furthest, by nearly five per cent, after investors pounced on a production shortfall and cut to full-year guidance disclosed in its update this morning.
This spook has weighed on the wider sector. Rio Tinto is down more than four per cent, while Fresnillo has dropped three per cent.
Russ Mould, AJ Bell’s investment director, said: “Miners were in retreat in London after Antofagasta’s latest update saw a material downgrade to its production outlook – a sharp reminder of the operational setbacks which are a fact of life in the mining sector.
“A step back in recently buoyant precious metals prices saw gold and silver producers on the back foot too.”
Earlier in the morning, the Office for National Statistics revealed that the UK’s economic growth slowed to 0.4 per cent in the second quarter of this year.
On a monthly basis, the economy grew 0.3 per cent in June 2026 after no growth in May 2026, which was revised down from 0.1 per cent.
This follows reports that Treasury officials have briefed the Prime Minister that the UK economy will barely grow next year if disruption to the Strait of Hormuz linked to the Iran war continues until the end of 2026.
Oil prices have cooled slightly this morning, despite yesterday’s warning from the global energy watchdog that oil stockpiles were “rapidly depleting”.
We’ll be bringing you the latest market updates and analysis.