Miners drag FTSE 100 lower with BHP set to exit index

21 Jan, 2022

London's FTSE 100 fell on Friday, pulled down by heavyweight mining stocks with BHP Group being among the top losers as it prepares to exit the index next week, while tepid retail sales and rate-hike expectations further dampened investor sentiment.

The blue-chip FTSE index dropped 0.9%, poised to end the week lower after delivering four consecutive weekly gains, with BHP Group, Rio Tinto, Anglo American and Glencore being the top drags in the index.

BHP Group dropped 3.1% after its investors in London and Sydney approved plans to scrap dual listings in favour of a main listing in Sydney, while Rio Tinto fell 2.6% after Serbia pulled the plug on its $2.4 billion lithium project over environmental concerns.

The domestically focussed mid-cap index lost 1.1%.

Oil stocks, GSK weakness pull FTSE 100 lower; Deliveroo jumps

Adding to concerns were expectations that The Bank of England will press ahead with its tightening cycle in February as red-hot inflation runs well ahead of target, a Reuters poll found.

Retail stocks fell 1.4% after UK retail sales slumped by 3.7% in December from a month ago, official data showed.

Wagamama owner Restaurant Group gained 2.8% after the company said it expects full-year profit at the top end of its forecast.

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