FTSE 100 drops as Reckitt Benckiser, mining stocks drag - Reuters UK

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• FTSE 100 down 1%, FTSE 250 off 0.6%

July 27 (Reuters) - 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 (RKT.L) dropped 7.6% to its lowest since March 2020 after it missed analysts' estimates for second-quarter sales, as demand eased. read more

The FTSE 100 (.FTSE) dropped 1% with life insurers (.FTNMX303010) and base metal miners (.FTNMX551020) being among the top losers, both down nearly 1.5%.

Miner Rio Tinto (RIO.L) 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. read more

The mid-cap FTSE 250 index (.FTMC) eased 0.6%.

Virgin Money UK (VMUK.L) jumped 1% after its total lending edged higher by 0.4% and the bank lifted its margin forecast. read more

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

Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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FTSE 100 drops as Reckitt Benckiser, mining stocks drag - Reuters UK
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