FTSE 100 drops as miners drag; British Airways owner slides

(Reuters) – London’s FTSE 100 fell on Friday to be on track for a monthly loss after five straight months of gains, as weakness in mining stocks weighed, while British Airways-owner IAG dropped after saying it was cautious on recovery prospects.

IAG slid 3.6% after it declined to give a profit forecast for the year due to COVID-19, but said its summer capacity would rise to 45% from 22% in the previous quarter.

The blue-chip FTSE 100 lost 1.0%, with travel stocks leading the losses, while miners Rio Tinto, Anglo American, and Glencore were the top drags.

Glencore fell 2.7% after it reported lower production data for nickel, lead and coal in the first-half, but raised expectations for its trading division.

The mid-cap index fell 0.7%

Among earnings, global education group Pearson slipped 1.3% even after it reported a better-than-expected rebound in first-half profit and a 17% jump in underlying sales, helping it raise its dividend.

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