LONDON MARKETS: FTSE 100 In The Red As Mining, Barclays Shares Struggle

By Carla Mozee, MarketWatch

Next pops higher on sales update

U.K. stocks dipped lower Wednesday, with Antofagasta PLC and other miners among the biggest decliners, while apparel retailer Next PLC popped higher after its financial update.

The FTSE 100 lost grip of modest gains and fell 0.2% to 7,018.11. The benchmark on Tuesday fell 1% (http://www.marketwatch.com/story/ftse-100-slips-from-record-ahead-of-gdp-report-2015-04-28), in part as investors began turning their attention to the U.S. Federal Reserve's policy announcement, due later Wednesday.

Antofagasta was at the bottom of the blue-chip index, down 2.4% after the copper producer cut is full-year copper output guidance (http://www.marketwatch.com/story/antofagasta-cuts-copper-view-after-protests-rain-2015-04-29), with protests at its Los Pelambres mine in Chile and heavy rainfall at three other mines hurting production during the first quarter.

Meanwhile, shares of mining industry heavyweights BHP Billiton PLC (BHP) and Rio Tinto PLC (RIO) fell 2% each after an official at China's central bank said it's not planning on launching (http://www.marketwatch.com/story/china-official-denies-reported-plans-for-qe-program-reuters-2015-04-28) a quantitative-easing program, according to a Reuters report. China, a major buyer of metals and other commodities, has been facing an economic slowdown.

At the top of the FTSE 100 sat fashion retailer Next . Its shares rose 2.9% after Next said warmer weather had helped push up full-price sales by 3.2% (http://www.marketwatch.com/story/next-beats-views-on-sales-helped-by-warm-weather-2015-04-29), higher growth than had been expected.

But Barclays shares reversed course and fell 0.6%, as the banking heavyweight said it will take a new GBP800 million charge (http://www.marketwatch.com/story/barclays-takes-new-800-million-forex-fine-charge-2015-04-29)in the first quarter for potential fines over its foreign-exchange activities. That move pulled net profit down to GBP465 million, compared with GBP965 million a year ago.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires