Finance
Miners, Ashtead weigh on FTSE 100
Published by Global Banking and Finance Review
Posted on December 10, 2024
2 min readLast updated: January 27, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 10, 2024
2 min readLast updated: January 27, 2026
FTSE 100 fell 0.5% as mining shares declined and Ashtead warned of lower profits. Investors focus on US inflation and UK GDP data.
(Reuters) - The UK's benchmark FTSE 100 fell on Tuesday as mining shares slipped, while Ashtead dropped after it warned of lower-than-expected annual profit and proposed to move its primary listing to New York from London.
The blue-chip FTSE 100 fell 0.5%, while the midcap FTSE 250 was down 0.3% at 0930 GMT.
Shares of miners Glencore, Antofagasta and Anglo American fell between 1.8% and 2.3% as copper prices slipped against a firm U.S. dollar, while dismal trade numbers from top consumer China also weighed on the red metal. [MET/L]
The metal prices had rallied in the previous session on China's future move toward a "moderately loose" monetary policy for the first time since 2010.
Precious metal miners led the sectoral losses and fell 2.2%.
Among top losers, Ashtead's shares fell 9.8% after the equipment rental firm said it was proposing to move its primary listing to New York from London and also warned of lower annual profit due to a weak commercial construction market in the United States.
Ashtead joins a growing list of companies that are moving away from European listings in favour of U.S. markets, where valuations could be higher.
Separately, NCC Group dropped 17.5% to the bottom of the mid-cap index after the cyber security firm swung to an annual operating loss.
FirstGroup was a bright spot, rising 3.7%, after the public transport operator agreed to acquire RATP London.
Meanwhile, investors were squarely focussed on U.S. inflation data, due on Wednesday, that may build the case for another interest rate cut on Dec. 18.
Back home, the spotlight will be on Friday's gross domestic product estimate for October, which could influence the Bank of England's interest rate trajectory. Traders expect BoE to hold rates at its next policy decision next week.
Recruitment platform Indeed said job vacancies have dried up faster in the United Kingdom than in other similar countries over the past year, pointing to a loss of momentum in the economy in the second half of 2024.
(Reporting by Nikhil Sharma; Editing by Janane Venkatraman)
The article discusses the decline of the FTSE 100 due to falling mining shares and Ashtead's profit warning.
Ashtead's shares fell due to a profit warning and plans to move its primary listing to New York.
Copper prices were influenced by a strong US dollar and weak trade numbers from China.
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