Weighed Down by Losses of BT and Mining Shares, FTSE Trades Lower

U.K. shares dropped lower on Friday, weighed down by mining shares and shares of telecom heavyweight BT PLC after the company reported earnings that fell due to its Italian accounting scandal.

The FTSE 100 index lost nearly 0.7 percent to trade near 7390.00 on Friday, on track for the first weekly decline in four weeks. Shares of BT led losses, down 3.86% to trade at 304.45p a share as the telecom and TV-services provider posted a slide in first-quarter fiscal 2018 net earnings.

BT’s net profit for the quarter was reported to hit GBP285 million, compared with GBP588 million for the first quarter of fiscal 2017.

Contributing to the downtrend, mining shares were trading in the negative zone. Shares of Anglo American PLC and Rio Tinto PLC dropped at least 1%.

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