FTSE 100 drops as Reckitt Benckiser, mining stocks drag

London's FTSE 100 fell on Tuesday, led by insurance and mining stocks, while Lysol maker Reckitt Benckiser was the top drag on missing analysts' quarterly sales estimates. Reckitt dropped 7.6% to its lowest since March 2020 after it missed analysts' estimates for second-quarter sales, as demand eased. The FTSE 100 dropped 1% with life insurers and base metal miners being among the top losers, both down nearly 1.5%.

London's FTSE 100 fell on Tuesday, led by insurance and mining stocks, while Lysol maker Reckitt Benckiser was the top drag on missing analysts' quarterly sales estimates. Reckitt dropped 7.6% to its lowest since March 2020 after it missed analysts' estimates for second-quarter sales, as demand eased.

The FTSE 100 dropped 1% with life insurers and base metal miners being among the top losers, both down nearly 1.5%. Miner Rio Tinto was the second-biggest loser on the blue-chip index, down 2.3%, after it said late on Monday that it planned to cut production at its aluminium smelter in Canada due to union strikes.

The mid-cap FTSE 250 index eased 0.6%. Virgin Money UK jumped 1% after its total lending edged higher by 0.4% and the bank lifted its margin forecast.

Daily Mirror publisher Reach Plc gained 8.1% after it said it was trading ahead of expectations and it saw that strong momentum continuing.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)