THURSDAY MARKET CLOSE: Dollar strength hits oil and miners

0
Have your say

Better-than-expected GDP figures from the US helped lift the London market after a downbeat start to the session.

The benchmark FTSE 100 index had been down more than 60 points at one stage but the headline growth figure from the States helped make up for the ending of QE by the Fed and saw the UK index close 9.68 points higher at 6,463.55. The news from the US also sent the dollar higher against most currencies.

Jasper Lawler, market analyst at CMC, said: “Gold, copper and oil were all falling thanks to the rising dollar as a result of the hawkish statement from the Federal Reserve so mining and oil stocks fell in sympathy.”

Randgold Resources fell 6 per cent or 242p to 3,779p, silver miner Fresnillo lost 32.5p to 716.5p and Anglo American dipped 32p to 1,320.5p.

BT shares were 2 per cent lower after its third-quarter update disappointed. The stock fell 7.6p to 367.9p despite a 13 per cent rise in profits.

Barclays was among the risers in the top flight as investors welcomed better-than-expected third-quarter results. Shares rose 2.05p to 222.55p after adjusted pre-tax profits excluding the costs of a restructuring programme improved 29 per cent.

Rival HSBC, which is due to report figures on Monday, was 1.1p higher at 629.1p, and Royal Bank of Scotland lifted 5.5p to 365.3p.

But Asia-focused Standard Chartered was under the cosh again. Following a results day sell-off earlier in the week, it was down a further 48.5p at 943.6p, a fall of almost 5 per cent, as the US re-opened an investigation into the bank.

Coach operator National Express set the pace in the FTSE 250 Index as a rise in profits helped shares gain 11p to 246.2pThe group benefited from foreign contract wins and improved passenger figures for its UK rail, coach and bus services.

Back to the top of the page