(Sharecast News) – Mining and financial stocks dropped on Tuesday on the back of macroeconomic concerns, but retail shares held up relatively well.
Legal & General slipped despite beating expectations with an operating profit of £941m for the first half, slightly below the £958m recorded in the first six months of 2022. The life insurer and asset manager said assets under management were down £132bn on last year at £1,158bn, due to the impact of higher interest rates and “significant inflationary pressure”.
Sector peer Abrdn also fell, along with other financial stocks including HSBC, Phoenix Group and Hargreaves Lansdown.
Mining stocks were also under pressure due to fresh concerns over the Chinese economy after retail sales, industrial output and fixed assets investment data all disappointed. Glencore and Antofagasta were on the decline.
There were just three risers on the FTSE 100 by afternoon trade – B&M European Value Retail, JD Sports Fashion and Frasers Group – on the same day it was revealed that the UK wage growth hit a record high. UK average weekly earnings excluding bonuses rose 7.8% year-on-year in the three months to June.
B&M was also being lifted by rumours that the discount retailer was among a list of companies bidding to take over struggling rival Wilko, which fell into administration last week.
FTSE 100 – Risers
B&M European Value Retail S.A. (DI) (BME) 563.00p 1.62%
JD Sports Fashion (JD.) 147.55p 0.75%
Frasers Group (FRAS) 806.00p 0.19%
FTSE 100 – Fallers
Abrdn (ABDN) 176.10p -3.51%
Glencore (GLEN) 418.80p -3.46%
Phoenix Group Holdings (PHNX) 521.40p -3.41%
Antofagasta (ANTO) 1,452.00p -3.39%
HSBC Holdings (HSBA) 601.60p -3.20%
Johnson Matthey (JMAT) 1,639.50p -3.19%
M&G (MNG) 188.90p -2.88%
Legal & General Group (LGEN) 226.40p -2.87%
Hargreaves Lansdown (HL.) 778.60p -2.82%
Experian (EXPN) 2,786.00p -2.79%