Afternoon Markets: FTSE plummets 2% as OZ mining tax hits US stocks

clock

The FTSE 100 plunged 1.95% this afternoon as miners continued to weigh on the index following Australian plans to levy a 40% tax. The index fell 108.4 points to 5,444.89.

Eurasian Natural Resources was down 9.14% to £11.14, BHP Billiton fell 6.76% to £18.88, while Antofagasta declined 6.56% to 933.5p and Kazakhmys dropped 5.84% to £13.22. At the other end of the table, top performers included Inmarsat, up 3.01% to 786.5p, while British American Tobacco advanced 2.26% to £21.00 and BAE Systems rose 1.92% to 351p. Meanwhile, the Markit/CIPS purchasing managers index hit its highest level since September 1994, rising to 58.0 in April from the previous month's 57.3. On Wall Street, the Dow Jones followed the FTSE into negative territory. The index fell...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Partner Insight: Every year counts - Practical support from Octopus to cut through the pre-Budget noise

Partner Insight: Every year counts - Practical support from Octopus to cut through the pre-Budget noise

Helping clients act now for effective estate planning

Toyin Oyeneyin, Tax Product Specialist @ Octopus Investments
clock 25 November 2025 • 6 min read
Budget wish lists: Advisers share hopes and fears ahead of 26 November

Budget wish lists: Advisers share hopes and fears ahead of 26 November

Is increasing income tax the chancellor’s ‘least worst’ option?

Jenna Brown
clock 17 November 2025 • 9 min read
Bank of England holds interest rates at 4% as Budget looms large

Bank of England holds interest rates at 4% as Budget looms large

Five MPC members voted to hold rates

Michael Nelson
clock 06 November 2025 • 3 min read