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FTSE 100 rises as gold stocks recover | |
(about 4 hours later) | |
(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. | |
Shares in gold miners had slid on Monday after the price of the precious metal fell sharply to a five-year low. | |
However, the gold price steadied on Tuesday, and mining shares recovered with Fresnillo up 3.3% and Randgold Resources 2% higher. | |
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 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. |
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. | |