FTSE 100 movers: Antofagasta drops on results; Utilities rally

London's FTSE 100 was down 0.4% to 7,615.36 in afternoon trade on Tuesday.

Antofagasta was the standout loser as it said lower sales tonnages and copper grades hit interim profits, although the miner said it expected a better second half.

Pre-tax profits fell by 32.4% to $465.6m, while underlying profits fell 16.2% to $904.2m on revenue up 3.6% to $2.12bn as higher realised prices offset lower copper sales volumes. The dividend was cut to 6.8 cents a share from 10.3 cents in the same period last year.

Miners - which are heavily dependent on demand from China - were on the back foot following weaker-than-expected data.

China's fixed asset investment, retail sales and industrial production numbers all disappointed. Fixed asset investment rose at the slowest rate on record in July, while retail sales were hit by the country's trade tensions with the US.

Royal Mail retreated after Ofcom fined the company £50m for a "serious breach" of competition law, after the regulator found the postal group had "abused its dominant position" in the letter delivery market.

Liberum said that while the fine itself is not material and the competitor who brought the complaint - Whistl - has long since withdrawn from the market, there are broader implications.

"We believe this is a reminder that Royal Mail must act with restraint given its dominant market shares in both letters and parcels, and this limits the group's ability to grow parcels revenue over the long term."

Utilities were the best performers, with United Utilities and Severn Trent racking up solid gains.

FTSE 100 - Risers

Melrose Industries (MRO) 220.30p 1.61%
United Utilities Group (UU.) 749.40p 1.33%
Severn Trent (SVT) 1,996.00p 1.32%
Ferguson (FERG) 6,248.00p 1.21%
Pearson (PSON) 927.60p 1.20%
Burberry Group (BRBY) 2,276.00p 1.16%
Sage Group (SGE) 671.60p 1.11%
Reckitt Benckiser Group (RB.) 6,856.00p 1.02%
GlaxoSmithKline (GSK) 1,566.40p 1.01%
International Consolidated Airlines Group SA (CDI) (IAG) 683.60p 1.00%

FTSE 100 - Fallers

Antofagasta (ANTO) 898.60p -5.69%
Anglo American (AAL) 1,642.80p -2.24%
TUI AG Reg Shs (DI) (TUI) 1,492.50p -2.23%
Royal Mail (RMG) 453.90p -1.82%
Prudential (PRU) 1,753.50p -1.71%
Paddy Power Betfair (PPB) 7,010.00p -1.54%
Tesco (TSCO) 259.00p -1.45%
Royal Bank of Scotland Group (RBS) 242.30p -1.42%
Legal & General Group (LGEN) 261.60p -1.36%
St James's Place (STJ) 1,141.00p -1.34%