03.02.202612:24:06UTC+00FTSE 100 Turns Lower

The FTSE 100 experienced a downturn in Tuesday afternoon trading, declining by 0.4% as significant losses in blue-chip stocks overshadowed strength seen in mining companies. Notably, Relx saw a decline of over 10%, and WPP dropped more than 6%, both affected by investor concerns that the rising prevalence of artificial intelligence might undermine their business models. Energy stocks also contributed to the index's decline, with Shell and BP recording decreases of approximately 0.5% to 0.7%, influenced by softening crude oil prices amidst speculation regarding a potential easing of US-Iran tensions. Among other major declines, HSBC fell by 0.5%, AstraZeneca dipped 1.7% following the US drug regulator's rejection of a self-administered version of its lupus treatment, and Unilever decreased by 0.7%. However, these losses were counterbalanced by upward movements in the mining sector, which benefitted from a rebound in the prices of gold, silver, and copper. Endeavour rose by more than 5%, Fresnillo increased by over 3%, while Antofagasta, Anglo American, Rio Tinto, and Glencore saw gains ranging from 2% to 4%.