FTSE 100 movers: Miners drop as risk appetite wanes

There were just five stocks on the FTSE 100 making gains on Friday afternoon as investors chose a risk-off approach to trading ahead of the weekend, following some mixed economic data from the UK and US.

Antofagasta pulled back after impressing the market with its first-half results on Thursday, while Rio Tinto declined despite announcing the passing of a key milestone at its Simandou iron ore project in Guinea, as it received the green light to develop essential infrastructure.

Anglo American and Glencore were also in the red.

The share price of asset manager Abrdn fell to its lowest level since January, extending losses after disappointing the market with its first-half results on Tuesday. The FTSE 100 company said it had been impacted by a difficult market and a 'risk-off' environment leading to net outflows of £4.4bn for the first six months of 2023.

Other financial stocks were also struggling, with HSBC, Prudential and Hargreaves Lansdown all lower.

Spirax-Sarco was extending losses made on Thursday after its disappointing first-half results. The engineering group, which specialises in thermal energy management and niche pumping equipment, said adjusted operating profits were down 13% organically at £171.7m, below the company-compiled consensus estimate of £176m.

FTSE 100 - Risers

Airtel Africa (AAF) 116.40p 0.78%
Haleon (HLN) 337.55p 0.42%
Weir Group (WEIR) 1,848.50p 0.19%
Beazley (BEZ) 532.50p 0.19%
Fresnillo (FRES) 540.60p 0.19%

FTSE 100 - Fallers

Entain (ENT) 1,322.50p -4.17%
Antofagasta (ANTO) 1,522.00p -3.82%
Scottish Mortgage Inv Trust (SMT) 665.40p -3.34%
Prudential (PRU) 1,007.50p -2.99%
Abrdn (ABDN) 188.20p -2.76%
Convatec Group (CTEC) 222.00p -2.72%
3i Group (III) 1,901.50p -2.36%
Flutter Entertainment (CDI) (FLTR) 14,405.00p -2.34%
Unite Group (UTG) 938.50p -2.24%
Land Securities Group (LAND) 626.80p -2.22%