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.