The FTSE 100 was dragged into the red by weakness in the mining sector and concern over the latest US rate hike, trading 0.5% lower at 7,664 around 9am. Antofagasta (ANTO) fell 2% to £10.60 and Glencore (GLEN) lost 2% to 390p. BHP Billiton (BLT) and Rio Tinto (RIO) followed its peers lower. Brent crude oil dipped 0.2% to $76.57 per barrel. OVERSEAS MARKETS Wall Street reacted negatively to the latest interest rate hike on Wednesday, causing all indices to decline. The biggest hit was the Dow Jones, which fell 0.5% to 25,201. Asian equities followed the US lower overnight. MID AND LARGE CAP RISERS AND FALLERS Miner Anglo American (AAL) fell 1.3% to £17.74 despite Mitsubishi's commitment to increase its stake in Anglo American Quellaveco to 40% following a $600m investment. Anglo American Quellaveco owns the Quellaveco copper project in Peru. IT systems provider Aveva (AVV) reported adjusted profit before tax grew 6.8% to £162.8m in the year to 31 March. The strong performance was driven by the heritage AVEVA business and a robust performance from the heritage Schneider Electric industrial software business, helping the shares rally 10.7% to £28.04. PZ Cussons (PZC) fell 6.4% to 218.6p after warning macro conditions will remain challenging with upcoming general elections in Nigeria and Indonesia. The company said anticipated full year pre-tax profit will be in the range previously indicated, but at the bottom end of the range. Drug developer GlaxoSmithKline (GSK) revealed its two-drug treatment for HIV met its primary goal after demonstrating the ability to control HIV, providing a 1% boost in the stock to £15.61. Primary Health Properties (PHP) was flat at 113.6p despite its subsidiary acquiring Moredon Medical Centre in Moredon, Swindon. SMALL CAP RISERS AND FALLERS Shares in Vernalis (VER) soared 16.4% to 6.6p following several takeover approaches after putting itself up for sale. The pharma firm also terminated its agreement with Tris Pharma. Majestic Wine (WINE) reported a £8.3m pre-tax profit, up from a £1.5m loss in 2017 thanks to 11.3% underlying sales growth in Naked Wines. Shares in the company retreated 1.4% to 443.5p. OnTheMarket (OTMP) revealed 63% growth in listing deals with UK estate and letting agents since its IPO in February. Its shares nudged 0.5% to 178.5p.
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