FTSE 100 Drifts Lower As Miners Shed Ground

(RTTNews) - Despite coming off early lows, the UK stock market remained in negative territory around noon on Wednesday as escalating Middle East tensions and weak Chinese GDP growth data rendered the mood cautious.

The benchmark FTSE 100 was down 31.43 points or 0.3% at 10,497.96 a little before noon.

Miners shed ground, weighed down by slower-than-expected Chinese GDP growth in the second quarter. According to the data released by the National Bureau of Statistics, China's GDP increased 4.3% in the second quarter, but that was the slowest pace of expansion in about three years.

Fresnillo, Antofagasta and Endeavour Mining lost 3%, 2.1% and 2%, respectively.

Vodafone Group shed 2.3%. BT Group slipped nearly 2%, while Unilever, Convatec Group, Coca-Cola HBC, Haleon, IAG, Scottish Mortgage, Associated British Foods, Airtel Africa, Reckitt Benckiser, BAE Systems and Croda International lost 1%-1.6%.

ICG climbed 3%. Barratt Redrow gained about 2.5%. Imperial Brands, Burberry Group, Persimmon, St. James's Place and Natwest Group moved up 1%-1.8%.