The FTSE 100 experienced a decline, reversing earlier gains due to significant losses in large-cap stocks. Concerns surrounding the impact of artificial intelligence on specific business models and softening crude oil prices contributed to the negative performance, overshadowing the positive impact of gains in mining shares.
- The FTSE 100 fell 0.4% on Tuesday afternoon.
- Relx fell more than 10% and WPP dropped over 6% due to AI concerns.
- Shell and BP were down 0.5% to 0.7% as crude prices softened.
- HSBC declined 0.5%.
- AstraZeneca was down 1.7% after a rejection by the US drug regulator.
- Unilever fell 0.7%.
- Mining shares experienced gains, with Endeavour up more than 5%.
- Fresnillo rose over 3%, and Antofagasta gained more than 3%.
- Anglo American, Rio Tinto and Glencore advanced between 2% and 4%.
The index’s performance reflects a complex interplay of factors, with anxieties about technological disruption and energy market dynamics weighing heavily on investor sentiment. While some sectors, particularly mining, demonstrated resilience and growth, broader market uncertainties appear to be suppressing overall gains, indicating a potentially volatile period ahead for the asset.