FTSE Rises But Miners Hit By Gold Price Drop

StanChart said the heads of its retail bank, investment bank, and commercial and private bank would report directly to chief executive Bill Winters.

Shares in Fresnillo and Randgold suffered as the gold price fell.

In Asian trading, the price of the precious metal dropped to $1,072.35 an ounce, the lowest since February 2010.

Fresnillo shares dropped 4.1% while Randgold Resources slipped 3.7%.

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.

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”.

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.

via BBC

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