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UPDATE 2-British shares drop as lockdowns strain mining stocks; AstraZeneca weighs

Stock MarketsJan 27, 2021 18:06
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© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Fresnillo tumbles after miner forecasts lower gold output
* Britain's COVID-19 death toll crosses 100,000
* UK retailers report biggest annual fall in prices since
May
* FTSE 100 down 1.3%, FTSE 250 drops 0.8%

(Updates to close)
By Shashank Nayar and Amal S
Jan 27 (Reuters) - London listed shares ended lower on
Wednesday, led by a decline in mining shares as a surge in virus
cases and movement curbs raised demand worries, while Fresnillo
slumped after the precious metals miner predicted lower gold
production.
The blue-chip FTSE 100 index .FTSE fell 1.3%, with miners
.FTNMX1770 and construction stocks .FTNMX2350 falling the
most, while AstraZeneca AZN.L was the top drag to the index,
falling nearly 2.2%.
"There were a few positive factors last year that helped to
push equity markets higher, but that energy seems to be fading
with rising virus cases and lockdowns being a drag on investor
sentiment," said Craig Erlam, an analyst at Oanda.
British Prime Minister Boris Johnson indicated the COVID-19
lockdown in England would last until March 8, and was set to
announce new tougher border measures to stop new variants of
COVID-19 getting into the country. Mining heavy-weights Rio Tinto RIO.L and Anglo American
AAL.L also weighed on the FTSE 100, while zinc prices fell to
their lowest in more than two months as stockpiles climbed and
demand in top consumer China weakened. METL/
British retailers .FTNMX5370 slipped 0.3% after reporting
the biggest annual drop in prices since May, adding to signs of
pressure on the sector. The mood further dampened as Britain's death toll from the
coronavirus pandemic passed 100,000. The FTSE 100 has recorded consistent monthly gains since
November on expectations of a vaccine-led recovery, but it has
lost steam as extended lockdowns and worries of vaccine
roll-outs hit business activity.
Tullow Oil TLW.L dropped 12.2% even after the oil
exploration company forecast its operating cashflow to reach
$500 million in 2021, if the oil price stays above $50 a barrel.
Fresnillo Plc FRES.L tumbled 13% after forecasting lower
gold output for the current year than pandemic-hit 2020, mainly
after a land slip at one of its mines in Mexico restricted
operations.

UPDATE 2-British shares drop as lockdowns strain mining stocks; AstraZeneca weighs
 

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