The FTSE 100 fell two weeks after Antofagasta cut its outlook

Stock Exchange

London’s FTSE 100 declined to a level not seen in over two weeks on Thursday, as Antofagasta’s disappointing copper production outlook led to losses in the mining sector, overshadowing any positive sentiment from stronger-than-anticipated economic growth in June.

The blue-chip FTSE 100 index fell 0.2% to 10,806.89 points by 1008 — marking a decline for the fourth consecutive day and reaching its lowest level since July 28. The mid-cap FTSE 250 climbed 0.2% to 24,870.08 points.

  • Britain’s economy experienced an unexpected growth in June, as businesses benefited from a temporary relief from the energy price surge linked to the Iran war, the commencement of the men’s football World Cup and favourable weather conditions, according to official data.
  • Gross domestic product increased by 0.3% in June, positioning Britain for the most robust growth among the Group of Seven advanced economies in the first half of 2026, following a stagnant performance in May. The pound, however, remained largely stable against the dollar, as the data had minimal impact on near-term interest rate expectations.
  • “This is not a boom though, and ‌quarterly ⁠growth has slowed from 0.6%, but Britain is proving significantly harder to knock off course than many feared,” said Sam North.
  • Antofagasta shares fell 5% after the company cut its 2026 copper output due to a shutdown at its Los Pelambres mine in July. Shares of other miners Rio Tinto and Anglo American dropped 4.5% and 3.2%, respectively.
  • The FTSE 350 indexes of industrial metal miners and precious metal miners fell more than 3% each as metal prices lost steam against a firmer dollar.
  • A subdued U.S. inflation report on Wednesday tempered anticipations of an interest rate increase from the Federal Reserve in the upcoming month. However, the absence of advancements toward a lasting resolution of the Middle East conflict has sustained oil prices and heightened apprehensions regarding inflationary pressures driven by energy costs.
  • Among mid-cap stocks, Costain gained 4.6% after the infrastructure solutions firm issued upbeat half-yearly results.
  • British property firm Savills surged 8.7% as it posted a 47% rise in half-year underlying profit, strengthened by an improvement in its North American and transactional businesses.