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FTSE 100 movers: Anglo American down on Chile expansion doubts
(Sharecast News) - The FTSE 100 was down 1.48% at 7,410.11 at 1431 BST. Anglo American shares were weaker after the Chilean environmental regulator recommended denying an extension to its Los Bronces copper project.
Chile's Environmental Assessment Service (SEA) issued the recommendation last week, with a final decision on $3.3bn investment expected soon.
"The SEA's recommendation is despite the strong support for the project offered to date by 23 of the 25 technical services bodies and government ministries that form part of the assessment process," Anglo American said in a statement.
Elsewhere, real estate investor British Land was down after selling a 75% stake in the bulk of its Paddington Central assets to GIC for £694.0m, to establish a new joint venture between the pair.
British Land said establishment of the joint venture, which was unconditional and will be within three months, would see it deliver against one of its key priorities of proactively recycling capital out of mature assets where it had created "considerable value".
Mining stocks felt the pinch as fears of a slowdown in China saw mining stocks take a tumble. Reports of panic buying in the capital Beijing emerged overnight as people feared a hard lockdown amid rising Covid cases that has seen the country's biggest city of Shanghai shut down in the past month.
Miners were weaker on the back of lower metals prices and the threat of declining Chinese demand, with BHP, Glencore, Anglo American, Rio Tinto and BP all lower.
FTSE 100 - Risers
Reckitt Benckiser Group (RKT) 6,268.00p 2.12% Unilever (ULVR) 3,610.50p 1.96% BT Group (BT.A) 188.75p 1.26% Smith (DS) (SMDS) 330.40p 1.13% National Grid (NG.) 1,184.00p 0.98% Diageo (DGE) 3,931.50p 0.89% International Consolidated Airlines Group SA (CDI) (IAG) 150.58p 0.84% Pearson (PSON) 786.20p 0.43% Coca-Cola HBC AG (CDI) (CCH) 1,631.00p 0.40% Hikma Pharmaceuticals (HIK) 2,020.00p 0.40%
FTSE 100 - Fallers
Aveva Group (AVV) 2,365.00p -6.11% Anglo American (AAL) 3,249.50p -6.10% Glencore (GLEN) 453.80p -4.70% Ashtead Group (AHT) 4,425.00p -4.61% Burberry Group (BRBY) 1,562.00p -4.44% Endeavour Mining (EDV) 1,940.00p -4.06% Rio Tinto (RIO) 5,443.00p -3.90% BP (BP.) 379.25p -3.54% Imperial Brands (IMB) 1,630.00p -3.52% JD Sports Fashion (JD.) 139.80p -3.45%
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