FTSE 100 Tumbles by Over 1.5%

The FTSE 100 Index fell 197 points or 1.84 percent on Wednesday to close at 10469 points. Leading the losses are Endeavour (-7.30%), Antofagasta (-6.40%) and Anglo American (-6.34%).

The FTSE 100 fell more than 1.5% on Wednesday after US President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran was over, amid renewed hostilities in the Middle East that sent oil prices surging. Mining stocks were among the biggest laggards, with precious metals producers Endeavour down 7.3% and Fresnillo down 5.8%. Elsewhere in the mining sector, Antofagasta lost 6.4%, Anglo American retreated 5.6%, and Rio Tinto fell 5%. In the broader market, FTSE 250 homebuilder Vistry plummeted 7% following an operational update, an ongoing review of its chief executive, and the announced departure of its chief financial officer, despite projecting full-year adjusted pretax profits to meet current market expectations. On the other hand, oil majors BP and Shell advanced 2.3% and 3.1%, respectively, benefiting from the surge in crude prices.

The FTSE 100 declined over 0.5% on Wednesday as escalating Middle East friction and climbing oil prices revived worries about persistent inflation. A fresh round of US military strikes in Iran raised doubts regarding the durability of their recent peace treaty, triggering a selloff in UK defense shares like Babcock, BAE Systems, and Rolls-Royce. Major pharmaceutical and consumer staples stocks, including AstraZeneca, GSK, Unilever, and British American Tobacco, each fell by roughly 1% or less, while mining companies slumped alongside weakening base metals prices. Conversely, oil majors BP and Shell advanced 1.6% and 0.6% respectively, riding the crude price surge. In the broader market, FTSE 250 homebuilder Vistry plummeted 11% following an operational update, an ongoing chief executive review, and the announced departure of its chief financial officer, despite projecting full year adjusted pretax profits to meet current market expectations.