Financial Planning

FTSE continues to tumble; miners weigh heavily

Financial Planning
Published: 11 August 2017

There has been no respite for the FTSE 100 (INDEXFTSE:UKX) as the index moves towards losses for the third consecutive day, the index has now dropped more than 3% since Tuesday. The ongoing geopolitical tensions surrounding the standoff between the US and North Korea has shaken investors and the miners were the biggest losers.

The blue chip share index dropped by 1.06%, 78 points to 7,311.35 by 10.49 GMT.

Shares in Coca Cola HBC (LON:CCH) rose again today, up 2%, as the soft drinks company’s strong set of results prompted several brokers to upgrade their price targets for the stock.

The miners were the biggest drag on the index with the price of copper being hit by the strong dollar. Anglo American (LON:AAL) fell 4.7%, Antofagasta (LON:ANTO) 4.3% and Glencore (LON:GLEN) 3.7%.

The FTSE 250 (INDEXFTSE:MCX) was also lower today with Dixons Carphone (LON:DC) the biggest loser. The mobile phone retailer dropped 8.2% as it was hit by a double downgrade.

Domino’s Pizza Group (LON:DOM) was also among the losers, dropping 5%, as the company announced a new partnership with its biggest franchisee in London “to take advantage of the significant growth opportunity in the London area.”

In the currency markets, sterling is down against the dollar at 0.11% to $1.2960 but steady against the euro at 0.03% to €1.1022.