FTSE 100 lower as financials drop, mining and energy gain

The blue-chip FTSE 100 closed down 0.1%, while the midcap FTSE 250 edged up 0.1%

The UK’s FTSE 100 closed slightly lower on Wednesday, weighed down by losses in financials stocks, while mining and energy shares gained.

The blue-chip FTSE 100 closed down 0.1%, while the midcap FTSE 250 edged up 0.1%.

Industrial metal miners gained 3.3% as copper prices hit a record high. Glencore added 6.3%, hitting an over 10-month high after the miner said it aims to reach 1.6 million metric tons of copper production by 2035.

Antofagasta advanced 4.9% and Anglo American rose 2.5%.

Aerospace and defence added 1.4% after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal. Rolls-Royce increased 1.6% while Babcock International gained 1.5%.

Energy stocks added 0.7%, tracking a rise in oil prices. BP added 1.3%.

On the flip side, heavyweight bank shares declined 1.7%.

Britain’s financial regulator said it will lift the pause on handling motor finance complaints on May 31, 2026, two months earlier than initially proposed, as it finalises a compensation scheme for those hit by a mis-selling scandal.

The scandal, which dates back to 2007, involves lenders such as Lloyds, Close Brothers and Barclays, which are accused of using excessively high interest rates in car-finance arrangements and including extra bonus payments.

Lloyd’s Banking shed 1.4% while Close Brothers and Barclays dropped nearly 0.7% each.

HSBC Holdings, which named interim chair Brendan Nelson as permanent CEO in a surprise move, dropped 1.6%.

A survey showed growth among Britain’s services firms declined last month and employment contracted the most since February in the run-up to the government’s budget.