If you would like to ask our webinar guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.

Less Ads, More Data, More Tools Register for FREE

Britain's FTSE rises as Randgold shines

Mon, 06th Feb 2017 10:11

(ADVISORY- Follow European and UK stock markets in real time onthe Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)

* FTSE 100 up 0.2 pct

* Randgold rallies after Q4 results, leads miners

* Housebuilders drop

By Kit Rees

LONDON, Feb 6 (Reuters) - Britain's top share index steadiedon Monday, helped by gains among mining stocks after RandgoldResources posted solid fourth-quarter results.

The FTSE 100 index was up 0.2 percent at 7,202.44points by 0947 GMT, slightly outperforming the broader Europeanmarket.

Randgold Resources jumped 3.6 percent to trade nearthree-month highs after the gold miner reported itsfourth-quarter profit rose 76 percent and said it would increaseits annual dividend by 52 percent .

Fellow precious metals miner Fresnillo gained 1.4percent, supported by a rising gold price, which was up for athird straight session.

"This is an impressive set of figures (for Randgold) and thekey here will be the price of gold going forward," FionaCincotta, market analyst at City Index, said in a note.

"Given the heightened uncertainty in the geopolitical arena,with Trump at the helm, gold could be looking to achieve $1300should the safe-haven trade start to replace the Trump trade,which would serve to boost the miner further."

Among other risers, Barclays led UK banking stockshigher after the lender said that it would overhaulits back office operations under a restructuring to help itcomply with new post-crisis rules.

Analysts also cited U.S. President Donald Trump's move toorder reviews of major banking rules on Friday as supportingbanking stocks.

"Barclays would be one of the biggest beneficiaries ...because they have a big U.S. business and they've recentlyrestructured so that their focus is just really the U.S. and theUK," said Jasper Lawler, senior market analyst at London CapitalGroup.

However, shares in British housebuilders Taylor Wimpey, Barratt Developments and Persimmon fell1.3 to 1.6 percent before the publication of the Britishgovernment's new housing strategy on Tuesday. (Reporting by Kit Rees, editing by Larry King)

Related Shares

More News
13 May 2024 10:51

Barclays promotes Chiapparoli EMEA co-head for industrials, names new Italy CEO

MILAN, May 13 (Reuters) - British bank Barclays on Monday said it had appointed Enrico Chiapparoli as co-head of industrials for Europe, Middle East...

10 May 2024 11:17

JPMorgan still positive on UK banks despite potential rate cuts

(Sharecast News) - JPMorgan has said that dovish comments from the Bank of England this week don't alter its constructive view on UK banking stocks, e...

9 May 2024 12:08

Barclays AGM disrupted by activists protesting over Gaza

LONDON, May 9 (Reuters) - Barclays' annual shareholder meeting was disrupted by activists protesting against its alleged indirect links to violence ...

9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

8 May 2024 16:45

UK watchdog considers redress scheme after motor finance probe

LONDON, May 8 (Reuters) - Britain's financial watchdog said on Wednesday it was considering a formal redress scheme to compensate thousands of consu...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.