FTSE 100 movers: Tobacco companies rally; Fresnillo loses its shine

London’s FTSE 100 was down 0.2% at 7,894.33 in afternoon trade on Wednesday.

Tobacco companies were the top gainers on the index, with British American Tobacco and Imperial Brands both higher.

In an AGM statement earlier, BAT said it still expects full-year constant currency organic group revenue growth of 3% to 5% excluding Russia and Belarus; and EPS growth, on a constant currency adjusted diluted earnings per share basis, of mid-single figure.

"Given the macro-economic outlook, and in line with our February 2023 guidance, we expect our performance, on an organic basis , to be second half weighted," it said.

On the downside, precious metals miner Fresnillo lost its shine as gold prices fell, while miners declined following a solid session on Tuesday, with Antofagasta, Anglo American and Rio all lower.

Antofagasta was also in focus after the Chilean copper miner held annual production guidance despite quarter-on-quarter falls in copper and gold output. Copper production fell by 25.4% compared with the final three months of 2022 to 145,900 tonnes, in line with guidance, and 5.1% higher year on year.

The decrease was due to the expected temporary reduction in throughput at the Los Pelambres mine on lower water availability, and expected lower grades and scheduled maintenance at Centinela. Production is expected to increase through the rest of the year, the company said.