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FTSE 100 falls, with Royal Mail lower after update FTSE 100 rises as gold stocks recover
(about 4 hours later)
(Open): The London stock market opened lower, with shares in Royal Mail dipping following its latest trading update. (Noon): A rebound in gold-related stocks helped to push the London market higher, with the FTSE 100 index rising 6.73 points to 6,795.42.
The benchmark FTSE 100 index was down 13.48 points at 6,775.21. Shares in gold miners had slid on Monday after the price of the precious metal fell sharply to a five-year low.
Royal Mail shares slid 2p to 509.5p after it reported flat revenues in the three months to 28 June. However, the gold price steadied on Tuesday, and mining shares recovered with Fresnillo up 3.3% and Randgold Resources 2% higher.
In the FTSE 250, AO World jumped 9% after the online retailer of household appliances said UK revenues grew 6.5% in the three months to 30 June. Royal Mail shares dipped 1.5p to 510p after its latest trading update.
The company said revenues were flat in the three months to 28 June as UK letter volumes continued to decline.
In the FTSE 250, shares in AO World jumped 9% after the online retailer of household appliances such as fridges and washing machines said UK revenues grew 6.5% in the three months to 30 June.
It also said it had seen a "strong" start to trading in July, and was "encouraged by the indications of growth in housing transactions and disposable income in the broader market".It also said it had seen a "strong" start to trading in July, and was "encouraged by the indications of growth in housing transactions and disposable income in the broader market".
PZ Cussons fell 1.5% after the company reported a 32% fall in full-year profits to £84m, with trading being hit by problems in Nigeria, its largest market, PZ Cussons fell 0.9% after the company reported a 32% fall in full-year profits to £84m, with trading being hit by problems in Nigeria, its largest market,
"Within Africa and our largest market Nigeria, disruption in the north, the Ebola outbreak, presidential elections and a significant currency devaluation have all contributed to a very difficult operating environment," the company said."Within Africa and our largest market Nigeria, disruption in the north, the Ebola outbreak, presidential elections and a significant currency devaluation have all contributed to a very difficult operating environment," the company said.
Shares in gold miners recovered slightly after having fallen on Monday when the gold price fell to a five-year low. Fresnillo rose 1.9% and Randgold was 0.8% higher. On the currency markets, the pound fell 0.15% against the dollar to $1.5541 and dropped 0.4% against the euro at €1.4314.
On the currency markets, the pound edged up 0.05% against the dollar to $1.5573 and was flat against the euro at €1.4373.