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
24 May 2024 16:45

Danske Bank and Barclays chop ECB rate cut forecasts

LONDON, May 24 (Reuters) - Danske Bank said on Friday it expects the European Central Bank only to cut interest rates twice this year, not three tim...

24 May 2024 08:52

TOP NEWS: Coventry Building Society buys Co-Op Bank for GBP780 million

(Alliance News) - Coventry Building Society on Friday said it has agreed to buy Co-operative Bank Holdings PLC for GBP780 million in cash, in the late...

21 May 2024 10:47

UK Libor trader Hayes given route to appeal rate-rigging conviction at Supreme Court

LONDON, May 21 (Reuters) - Tom Hayes, the first trader jailed worldwide for interest rate rigging, was on Tuesday refused permission to appeal again...

21 May 2024 10:00

LONDON BROKER RATINGS: UBS lifts Schroders; Barclays likes Wise

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and on Monday:

17 May 2024 21:33

IN BRIEF: Barclays intends to fully redeem EUR750 million notes

Barclays PLC - London-based bank - Intends to fully redeem all of the outstanding EUR750 million 0.75% reset notes due 2025 on June 9. The outstanding...

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.