- Antofagasta drops almost 5%, extending second-day slide after disappointing production outlook
- FTSE 350 industrial metal and mining index heads for 4.7% weekly drop
- Sage, Experian and Relx rise 3.5% to 5.7% after Reuters reports Silver Lake-Workday deal
Aug 14 (Reuters) - London's FTSE 100 was on track for its first weekly setback in five on Friday, as miners retreated alongside a dip in copper prices, though software and data companies rebounded after the report of a large deal in the sector.
The blue-chip FTSE 100 dipped 0.1% to 10,765.30 points by 1009 GMT, on track for its first weekly decline since early July. The midcap FTSE 250 edged up 0.1% to 24,860.50 points, set to end the week largely flat.
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Shares of miner Antofagasta dropped almost 5%, down sharply for the second consecutive day after its production outlook disappointed on Thursday and copper prices fell after a recent rally.
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The FTSE 350 industrial metal and mining index was set for a 4.7% weekly drop, in what could be the weakest weekly performance since mid-March.
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Among gainers, shares of Sage Group, Experian and RELX climbed in 3.5% to 5.7% after Reuters reported private equity firm Silver Lake was in talks to acquire U.S. software firm Workday, lifting the sector.
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Global stocks traded just below record highs as benign U.S. inflation data this week tempered expectations of Federal Reserve interest rate hikes this year.
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Still, a lack of progress towards a lasting peace deal between the United States and Iran has weighed on sentiment and kept crude prices on track for weekly gains.
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The United States said on Thursday it could maintain a indefinitely and would ratchet up economic pressure on Tehran as ceasefire talks have floundered, global oil supply is dropping and regional tensions are rising.
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Bank of England Chief Economist Huw Pill told the Wall Street Journal that stronger-than-expected British economic growth figures reinforced the case for higher borrowing costs to bring inflation back to target, after data showed a surprise 0.3% rise in the UK's gross domestic product in June.
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Traders expect at least one 25-basis-point rate hike from the BoE by the end of this year, according to LSEG-compiled data.
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Ladbrokes owner Entain rose 3.6% as it beat first-half profit expectations, while identity technology company GB Group sank 27%, its steepest fall in over nine years, after cutting its annual revenue growth forecast.
Reporting by Anand Gopal and Sruthi Shankar in Bengaluru; Editing by Joyjeet Das
Source: Reuters