FX.co ★ FTSE Little Changed on Wednesday

On Wednesday, the FTSE 100 experienced a largely neutral performance, as gains in the mining sector managed to balance out declines observed in retail and pharmaceutical stocks. Leading the charge, Rio Tinto saw its shares increase by over 2%. This uptick followed the company's announcement of an accelerated timeline for shipments from its Simandou iron ore project in Guinea, alongside a noted recovery in iron ore exports in the second quarter, which had previously been hampered by cyclone-related disruptions. In light of these developments, Simon Trott, previously at the helm of Rio's iron ore division, was appointed as the new CEO. Additionally, Rio Tinto acknowledged a $300 million rise in costs during the first half of the year due to U.S. tariffs on Canadian aluminum. Other mining companies such as Antofagasta and Fresnillo also thrived, with stock increases of 1.9% and 1.2% respectively, spurred by robust iron ore and gold prices. Likewise, oil giants Shell and BP experienced slight gains. Conversely, shares of B&M continued their downward trajectory, falling by 2.5%, while Barratt's shares decreased by 1.6% following disappointing updates. AstraZeneca's stock declined by more than 1% subsequent to its AL amyloidosis drug failing a critical trial. Simultaneously, UK inflation exceeded expectations by reaching 3.6% in June, heightening concerns regarding future interest rate adjustments.