FX.co ★ FTSE 100 Little Changed on Wednesday

On Wednesday, the FTSE 100 remained steady as the rise in mining stocks balanced out declines seen in retail and pharmaceutical sectors. Leading the charge was Rio Tinto, which saw a more than 2% increase. This came on the back of accelerated shipment timelines from its Simandou iron ore project in Guinea, combined with a Q2 recovery in iron ore exports after previous cyclone disturbances. The company's announcement coincided with the appointment of Simon Trott, head of its iron ore division, as the new CEO. Additionally, Rio Tinto highlighted a $300 million cost increase in the first half of the year due to U.S. tariffs on Canadian aluminum. Other mining companies such as Antofagasta gained 1.9% and Fresnillo rose by 1.2%, buoyed by robust iron ore and gold prices. Meanwhile, oil giants Shell and BP saw slight upticks. On the downside, B&M continued its decline from Tuesday, falling 2.5%, and Barratt dropped 1.6% after weak performance updates for both. AstraZeneca experienced a decrease of over 1% following the unsuccessful results of a pivotal trial for its AL amyloidosis medication. Furthermore, UK inflation reached 3.6% in June, surpassing predictions and heightening concerns about potential interest rate hikes.