# Banks, miners lead FTSE 100 lower Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-04-28 Category: INVESTING Category URL: https://financedigest.com/category/investing Meta Title: NatWest and Mining Sector Weigh FTSE 100 Down Meta Description: NatWest & mining stocks drag down FTSE 100 as lenders and base metal miners suffer losses, while life insurers and education group provide positivity. URL: https://financedigest.com/banks-miners-lead-ftse-100-lowerhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-04-28t073813z1lynxmpej3r0b7rtroptp4lse-tradingstatement-1736814089546-compressed.jpg) # Banks, miners lead FTSE 100 lower By Shristi Achar A (Reuters) -London’s FTSE 100 fell for the fifth straight day, as a sharp drop in shares of NatWest weighed on the banking sector on Friday, while mining stocks lost ground tracking weaker copper prices. The blue-chip index was down 0.5%, while the mid-cap FTSE 250 slipped 0.1%, as of 0714 GMT. Lenders led losses, down 2.2%. NatWest fell 5.9% [despite reporting better-than-expected quarterly profit](https://www.financedigest.com/maersk-triples-quarterly-profit-despite-lower-container-volumes.html "Maersk triples quarterly profit despite lower container volumes"). “Even though the results are really good … the net interest margin is a bit disappointing,” said Andrew Jones, [portfolio manager](https://www.financedigest.com/ramboll-is-to-scale-project-portfolio-management-reporting-with-insight.html "Ramboll Is To Scale Project Portfolio Management Reporting With Insight") at Janus Henderson People had hoped for a bit more, and they really focus on that for a bank, as [interest rates](https://www.financedigest.com/london-stocks-slip-ahead-of-key-interest-rate-decisions.html "London stocks slip ahead of key interest rate decisions") have gone up for the first time in a long time. Base metal miners added to the pressure on FTSE 100, down 1.8% and were on track for their biggest [weekly drop](https://www.financedigest.com/london-stocks-recover-set-for-weekly-drop-as-slowdown-inflation-fears-linger.html "London stocks recover; set for weekly drop as slowdown, inflation fears linger") in a month. \[MET/L\] On the bright side, life [insurers](https://www.financedigest.com/different-countries-different-insurance-cultures-how-insurers-can-adapt-their-products.html "insurers") rose 0.3%, led by a 1.3% rise in Prudential after posting a 30% jump in new business profit. The FTSE 100 is poised to gain 2.1% for the month despite a [volatile week](https://www.financedigest.com/european-stocks-find-support-at-end-of-volatile-week.html "European stocks find support at end of volatile week") amid a burst of earnings, supported by defensive sectors including pharmaceuticals and consumer staples. Pearson rose 3.4% after the education group said it was on track to meet its annual guidance, and also deliver 120 [million pounds](https://www.financedigest.com/royal-mail-says-uk-business-losing-one-million-pounds-a-day-amid-union-clash.html "Royal Mail says UK business losing one million pounds a day amid union clash") ($150 million) of cost efficiencies this year. Numis Corp surged 67.2% after [Deutsche Bank said it would buy](https://www.financedigest.com/citigroup-to-buy-deutsche-bank-license-in-mexico-for-wholesale-unit.html "Citigroup to buy Deutsche Bank license in Mexico for wholesale unit") the London-based institutional stockbroker and corporate advisor for about 410 million pounds. Meanwhile, British businesses were their most optimistic in nearly a year in April, [boosted by growing hopes](https://www.financedigest.com/dollar-soft-as-china-reopening-hopes-boost-risk-sentiment.html "Dollar soft as China reopening hopes boost risk sentiment") about the economy, according to a Lloyds Bank survey. (Reporting by Shristi Achar A in Bengaluru; Editing by Sonia Cheema and Nivedita Bhattahacharjee) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---