FTSE down sharply as miners slump, Persimmon lower

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A big slump in the mining sector helped put the FTSE 100 firmly on the back foot on Thursday, down 1.9% to 7,016.32.

Homebuilder Persimmon reported an increase in revenues in its trading update ahead of its half-year results and says that pre-Covid build rates have been achieved across its sites with an improvement in build quality and customer service. It was down over 3% at £29.65.

Ladbrokes and Coral owner Entain advanced 1.9% to £18.40 after the company upped full year profit guidance.

Pharmaceutical giant AstraZeneca said its biologics license application for tezepelumab had been accepted and granted priority review for the treatment of asthma from the US Food and Drug Administration. It was down slightly at £86.03.

Student accommodation provider Unite has reported that its property portfolio has been independently valued at £2.795bn, reflecting a 1.4% increase on a like-for-like basis during the quarter. Its share price fell a smidge to £11.27.

Industrial and electronics products firm Electrocomponents reported a jump in revenue in the first quarter but said supply chain issued would slow growth and demand for the remainder of the year. It was more than 1% at £10.66.

Watches of Switzerland has reported an annual statutory operating profit of £81.9 million, a 69.5% increase on the previous financial year. It was down slightly at 843p.

Variety goods value retailer B&M European Value Retail reported a rise in revenue in the first quarter of the year, though the pace of growth slowed as demand normalised. It was down more than 3%, falling to 560p.