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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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza