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FTSE 100 rises but shares in gold miners hit FTSE 100 rises but shares in gold miners hit
(about 3 hours later)
(Open): The London stock market opened higher but shares in gold miners were hit after the gold price fell to a five-year low. (Noon): News of a management revamp at Standard Chartered helped to lift the FTSE, but gold miners were hit after the gold price fell to a five-year low.
UK-listed gold miners Fresnillo and Randgold fell, with shares in both firms down 2%. The FTSE 100 index rose 18.07 points to 6,793.15, with shares in Standard Chartered climbing 1.3%.
Despite this, the FTSE 100 index rose 15.96 points to 6,791.04. StanChart said the heads of its retail bank, investment bank, and commercial and private bank would report directly to chief executive Bill Winters.
In the FTSE 250, Aveva jumped 30% after it agreed to a deal with France's Schneider Electric to create "a global leader in industrial software". Shares in Fresnillo and Randgold suffered as the gold price fell.
Schneider is merging its software unit with Aveva in a reverse takeover. In Asian trading, the price of the precious metal dropped to $1,072.35 an ounce, the lowest since February 2010.
Shares in Standard Chartered rose 1.3% after the bank announced a new management structure. Fresnillo shares dropped 4.1% while Randgold Resources slipped 3.7%.
Under the new arrangement, the heads of the bank's main business units - its investment bank, commercial and private bank, and retail bank - will report directly to chief executive Bill Winters. Shares in Barclays were up 0.5%. The bank declined to comment on a report in the Times newspaper that said it was planning to cut more than 30,000 jobs.
HSBC was up 1% after the bank's shares were upgraded by Citigroup to "buy" from "neutral". In the FTSE 250, Aveva jumped 30% after it agreed to merge with the software division of France's Schneider Electric to create what it called "a global leader in industrial software".
On the currency markets, the pound was flat against the dollar at $1.5611 and slipped 0.15% against the euro to €1.4389. The deal will effectively lead to a reverse takeover of Aveva by Schneider.
On the currency markets, the pound fell 0.3% against the dollar to $1.5562 and also dropped 0.3% against the euro to €1.4361.
The pound had hit its highest rate against the euro since 2007 at the end of last week, pushing through the €1.44 level.The pound had hit its highest rate against the euro since 2007 at the end of last week, pushing through the €1.44 level.