UK’s FTSE 100 Sheds as Mining Stocks Weigh; Diploma plc Surges
London’s FTSE 100 closed Wednesday trading 0.94% in the red, dragged down by mining shares amid a quiet day of UK economic news and jitters with the US interest rate decision just hours away.
Mining companies Fresnillo (FRES.L), Endeavour Mining (EDV.L) and Antofagasta (ANTO.L) were among the biggest fallers on the blue-chip index, declining 3.65%, 3.46% and 2.61%, respectively.
In corporate news, miner BHP Group (BHP.L) was also down 1.51% after naming Brandon Craig as chief executive officer in place of Mike Henry, effective July 1. Henry will step down after 6.5 years in the role.
“We view the appointment as incrementally positive and supportive of strategy continuity,” RBC Capital Markets wrote. “Craig is a long-tenured BHP executive with deep operational experience across both iron ore and copper, and has played a central role in advancing BHP’s current growth pipeline. As such, we would expect continued focus on large, low-cost tier-one assets and growth in future-facing commodities, particularly copper and potash, alongside ongoing capital discipline.”
Unilever (ULVR.L), meanwhile, fell 3.43% after Bloomberg News reported that the consumer goods giant is in the preliminary stages of discussions with advisers on options for its food business, including a potential spinoff that could value the business at tens of billions of dollars. Unilever declined to comment when reached by MT Newswires.
On the flipside, distribution group Diploma plc (DPLM.L) soared 17.89% as it upgraded its fiscal 2026 forecast for organic revenue growth to 9% from 6% after a “great” performance during the first half. The analyst consensus for adjusted operating profit was increased by 13% to 377 million pounds sterling.
“We continue to see DPLM as one of the safest growth names in the wider sector, with limited value elsewhere at the ‘quality end’,” RBC said in another report. “We see incremental positive EPS momentum from M&A, and believe the valuation premium is warranted given the outstanding financial metrics and track record.”
