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FTSE 100 falls as gold miners hit Pound tumbles as FTSE 100 ends higher
(about 9 hours later)
London's benchmark share index opened lower, with shares in gold miners hit as precious metal prices fell. The pound sank against the dollar on Thursday as banking shares lifted the FTSE 100 higher.
Shortly after trading began, the FTSE 100 was down 10.52 points at 6,938.67. The pound fell 1.45% against the dollar to $1.2383 as the US currency benefited from Thursday's Federal Reserve meeting, which pointed to three rate rises next year, rather than two.
Gold prices hit a 10-month low on Thursday as the dollar jumped in value after the Fed raised US interest rates and indicated it expected three further rate rises next year. On the stock market, bank stocks, which stand to benefit from higher rates, rose
The fall in gold hit shares in miners of precious metals, with Fresnillo down 6% and Randgold Resources dropping 5%. The FTSE 100 closed up 50 points, or 0.72%, at 6,999.
Shares in Centrica rose nearly 3% after it increased its profit forecast. The British Gas owner said it now expected adjusted earnings per share to be about 16.5p this year helped by better-than-expected cost savings. Royal Bank of Scotland closed up 4.7% and Barclays closed up 2.4%, helped by Wednesday's rate rise in the US.
In the FTSE 250, shares in online food ordering service Just Eat rose 4.3% after it announced it had spent about £260m on buying rivals Hungry House and Canada's SkipTheDishes. Against the euro, sterling was little changed at €1.1938.
On the currency markets, the pound fell 0.25% against the dollar to $1.2533 as the US currency benefitted from the reaction to Thursday's comments from the Fed. "The market is whole-heartedly embracing Trumpenomics and the idea that the US economy will be on fiscal steroids in the next few years. Rates will rise and the dollar will surge," said City Index analyst Kathleen Brooks.
However, sterling rose 0.2% against the euro to €1.1957. "In contrast, the eurozone is mired in problems including slow growth, low inflation and multiple political risks in Italy and France."
Overall, the biggest riser on the FTSE was Centrica, which maintained its earlier gains sparked by the news that it was raising its profit forecast for the year. It closed 5.5% higher.
The biggest fallers were all mining companies: Randgold was down 7.8%, Antofagasta down 5.2%, Fresnillo down 5%, Anglo American down 4% and Polymetal International down 3.4%.
They have been hit by a fall in the price of gold, which fell after the US Federal Reserve indicated more interest rate increases next year.
Rising interest rates are generally bad for gold which looks less attractive when savings rates are on the increase.