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Prudential and miners lead droopy FTSE
by Chris Marshall on Aug 12, 2013 at 09:42
The FTSE 100 stumbled into one of the quietest trading weeks of the year, sliding lower despite receiving some support from a report of stimulus packages in China and well-received financial results from insurer Prudential.
Having started higher, Britain’s flagship index was wavering an hour or so into the trading day, down 0.2% to 6,567, threatening to end a two-day winning streak and add to the small losses that it has been dealt so far in August.
Other European benchmark indices were similarly lower despite the report in the South China Morning Post that several Chinese provinces and city governments will receive stimulus packages from Beijing.
The reports had been enough to lift Chinese shares overnight. But elsewhere in Asia Japan’s Topix declined 0.5% to 1,134 after a report showed that the country’s economic growth slowed in the second quarter to 0.6%. The weaker than expected GDP number also hit the yen, which fell 0.6% to 96.81 against the US dollar. The data is being used as a gauge of the strength of the Japanese economy as prime minister Shinzo Abe considers bringing in a sales tax next year.
Fresnillo (FRES.L), Randgold (RRS.L) and Vedanta (VED.L) were among the winners in London, with resources companies always closely following any news that may affect demand from the world’s most ravenous commodities customer, China.
Prudential (PRU.L) gained 1.3% to £12.00 after the insurance company and asset manager pleased shareholders with a 22% rise in first-half operating profits to £1.415 billion, alongside a 15.8% interim dividend hike to 9.73p per share.
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- Fresnillo PLC (FRES.L)
- Randgold Resources Ltd (RRS.L)
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- Prudential PLC (PRU.L)
On the road
by Danielle Levy on Dec 04, 2013 at 11:37