London Markets: Miners weigh on London as broker calls top for iron ore

Miners dragged on the top British stock market index as a broker downgraded three of the giants after calling a top on iron ore. Read More...

Rio Tinto was one of a number of iron-ore miners sliding in London action on Wednesday.

Miners dragged down the top British stock market index as a broker downgraded three of the giants after calling a top on iron ore.

The FTSE 100 UKX, -0.82% lost 0.5% to 7,518.96, the worst performer of the major Europe markets. The mid-cap FTSE 250 MCX, +0.07% meanwhile rose 0.3% to 19,804.60.

What’s moving markets

The mood in markets was hurt after the U.S. Justice Department announced late Tuesday it was probing the American technology giants that have carried stock markets higher. U.S. stock futures ES00, -0.35% were pointing to a weaker start Wednesday.

Focus stocks

U.K.-listed miners struggled, with Rio Tinto RIO, -4.11% RIO, -0.33% shares losing 4%, BHP Group BHP, -3.39% BHP, -0.15% shedding 2.9% and Anglo American AAL, -3.21% losing 2.8%. Liberum downgraded all three from buy to hold, citing rising inventories of steel, stalled iron ore port deliveries, declining Chinese steel mill profits and accelerated scrap steel supply.

Battered U.K. broadcaster ITV ITV, +5.98% enjoyed some relief, with the stock jumping nearly 7%. The country’s largest commercial broadcaster reported a 16% drop in first-half pretax profit and announced new cost savings. The stock is still down 34% over the last 12 months.

Informa INF, +5.25% shares climbed 5% as the events and publishing company reported a near doubling of its first-half pretax profit as it sees benefit from buying rival UBM last year.