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(Sharecast News) - London's FTSE 100 was down 0.9% at 10,670.56 in afternoon trade on Tuesday.
Antofagasta was the standout gainer on the index as Deutsche Bank upgraded shares of the Chilean copper miner to 'hold' from 'sell' after its third-quarter production report. DB said it believes 2027 guidance has now been appropriately reset, with the range of 630-690 kt (DB 657 kt) implying only modest year-on-year production growth, despite expected higher grades and throughput at Los Pelambres.
Miners more generally were on the rise, with Rio Tinto and Anglo American also higher
On the downside, HSBC tumbled as it posted a 32% jump in pre-tax profit but third-quarter results from the bank were just a touch short of expectations.
Pre-tax profit rose to $9.63bn, with revenue 5% higher at $18.62bn, mainly reflecting growth in banking net interest income. Both figures were just slightly below forecasts, however, as analysts were expecting pre-tax profit of $9.69bn and revenue of $18.93bn.
Net interest income - the difference between what banks charge for loans and what they pay out for savers' deposits - was up 6% on the same period a year earlier to $9.3bn.
Russ Mould, investment director at AJ Bell, said: "There is nothing fundamentally wrong with HSBC's third-quarter results, but the stock is down all the same, owing to the combination of a lack of upside surprises and a valuation that is no longer quite so attractive after a six-year upward march in the share price.
"The megabank continues to make megabucks, pay out healthy dividends and return yet more cash to shareholders via buybacks, but a valuation that is closer to two times tangible book value than one, and a cash yield that only just edges past the benchmark UK 10-year gilt yield suggests a lot of good news is already in the share price."
Reckitt Benckiser slid as the consumer goods giant cut its full-year sales growth guidance after third-quarter trading fell short of expectations, hit by manufacturing constraints in North America and weaker demand for vitamins and supplements in China.
FTSE 100 - Risers
Antofagasta (ANTO) 3,269.00p 3.09%
Barratt Redrow (BTRW) 335.00p 1.92%
Rio Tinto (RIO) 6,340.00p 1.71%
Pershing Square Holdings Ltd NPV (PSH) 3,834.00p 1.64%
Coca-Cola HBC AG (CDI) (CCH) 4,620.00p 1.45%
Anglo American (AAL) 3,776.00p 1.01%
Scottish Mortgage Inv Trust (SMT) 1,534.00p 0.92%
Rentokil Initial (RTO) 342.30p 0.85%
Diploma (DPLM) 7,195.00p 0.84%
Legal & General Group (LGEN) 303.00p 0.70%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 1,274.80p -6.53%
Reckitt Benckiser Group (RKT) 5,234.00p -4.94%
Pearson (PSON) 1,339.50p -2.33%
InterContinental Hotels Group (IHG) 163.30p -1.79%
Diageo (DGE) 1,744.00p -1.61%
Burberry Group (BRBY) 1,047.50p -1.59%
NATWEST GROUP (NWG) 633.60p -1.34%
BP (BP.) 621.80p -1.32%
Associated British Foods (ABF) 1,941.00p -1.14%
Shell (SHEL) 3,961.00p -1.07%
