Miners, Flutter Entertainment weigh on UK's FTSE 100

London's FTSE 100 index dropped on Tuesday, with mining stocks taking a hit from a slump in iron ore prices, while shares in online betting group Flutter Entertainment and Asia-focussed lender Standard Chartered fell after posting quarterly results.

London's FTSE 100 index dropped on Tuesday, with mining stocks taking a hit from a slump in iron ore prices, while shares in online betting group Flutter Entertainment and Asia-focussed lender Standard Chartered fell after posting quarterly results. The blue-chip FTSE 100 index eased 0.5% at 0825 GMT. Mining stocks BHP Group, Rio Tinto and Anglo American were among the worst performers after a tumbling iron ore market weighed on metal prices.

Paddy Power, Betfair and Fanduel owner Flutter Entertainment was the biggest loser, falling 7.4%, after it cut its full year guidance on unfavourable sports results in October and a temporary exit from the Netherlands. BP declined 1.6% even as it reported a sharp rise in third-quarter profit, lifted by soaring oil and natural gas prices.

Standard Chartered fell 5.9% despite reporting a doubling in its third-quarter profit. The bank also said it had $4.2 billion in exposure to China's real estate sector. THG tumbled 5.7% as its biggest institutional investor BlackRock Inc offloaded nearly half its stake in the British e-commerce group at a 10% discount to current market prices. The domestically focussed mid-cap index slipped 0.2%.

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