The FTSE 100 Index Opens 0.57% Lower

The FTSE 100 Index is falling 8 points. Losses were driven by Reckitt Benckiser (-6.50%), JD Sports Fashion (-4.01%) and Auto Trader (-2.93%). Biggest rises came from Fresnillo (1.84%), Rio Tinto (1.45%) and Antofagasta (1.27%).

The FTSE 100 traded flat to slightly lower on Wednesday, heading for a third straight decline as investors remained cautious amid uncertainty over US Iran talks, rising inflation and mixed corporate updates. Reckitt Benckiser dropped more than 6% after earnings missed expectations, weighing on the index, while JD Sports fell around 4% after news that chairman Andy Higginson will step down following the July AGM. Rolls Royce declined over 1.5%, with AstraZeneca, Unilever and BAT also under pressure. In contrast, BP edged up about 0.6% and mining stocks supported the market, with Rio Tinto rising 1.3%, Fresnillo gaining nearly 2% after maintaining production guidance, and Antofagasta and Anglo American also posting gains. On the data front, UK inflation accelerated to 3.3% in March from 3%, driven by higher energy costs linked to the Iran conflict.

The FTSE 100 fell around 1% on Tuesday, adding to a 0.6% drop in the previous session, as investors stayed cautious ahead of developments in US Iran talks with the ceasefire deadline approaching. Defence stocks led losses, with BAE Systems down 4.2%, Babcock off 1.4%, and Rolls Royce sliding more than 6%. The pharmaceutical sector also weakened, as AstraZeneca fell 2.6% and GSK lost 2.9%. Other heavyweight names including Unilever and British American Tobacco declined 1.2% and 2.7% respectively. Associated British Foods dropped more than 2.5% after confirming plans to separate Primark. On the upside, BP rose more than 1%, while utilities outperformed with SSE up 2.7% and Centrica gaining 1.3%. Experian added over 2% after naming Adam Crozier as chair designate. In economic data, UK unemployment fell to 4.9%, below expectations, while wage growth eased to 3.8% including bonuses and 3.6% excluding them, both slightly above forecasts.