This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
The FTSE 100 has been drifting as the losses in the mining sector, which is off 2%, weigh on the rest of the market. Fresnillo, the Mexican silver and gold miner, announced a 58% drop in first-half profits, with the firm citing falling commodity prices as the reason for the drop. The stock is down over 6%.
Standard Chartered announced a 16% drop in first-half profits, but this was largely down to a £650 million write-down in its Korean business; excluding this, profits would have been up 4% compared with last year. The company is up 4.5% on the back of the announcement.
Lloyds is in the red due to profit-taking from yesterday’s rally. The bank hopes to pay out large dividends over the next few years.