FTSE 100 drops as Reckitt Benckiser, mining stocks drag

  • 7/27/2021
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(Reuters) - London’s FTSE 100 fell on Tuesday, led by insurance and mining stocks, while Lysol maker Reckitt Benckiser was the top drag on missing analysts’ quarterly sales estimates. Reckitt dropped 7.6% to its lowest since March 2020 after it missed analysts’ estimates for second-quarter sales, as demand eased. The FTSE 100 dropped 1% with life insurers and base metal miners being among the top losers, both down nearly 1.5%. Miner Rio Tinto was the second-biggest loser on the blue-chip index, down 2.3%, after it said late on Monday that it planned to cut production at its aluminium smelter in Canada due to union strikes. The mid-cap FTSE 250 index eased 0.6%. Virgin Money UK jumped 1% after its total lending edged higher by 0.4% and the bank lifted its margin forecast. Daily Mirror publisher Reach Plc gained 8.1% after it said it was trading ahead of expectations and it saw that strong momentum continuing. Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu Our Standards: The Thomson Reuters Trust Principles.

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