PR: FTSE 100 seen higher as gold, silver and platinum rise
The FTSE 100 is projected to open with a 0.4% gain today after shedding 0.65% on Monday.
National Grid (LON:NG) led the blue chips with a 2.3% gain. Telecom group BT (LON:BT.A) followed, tacking on 1.2%. Plumbing and heating equipment manufacturer Wolseley (LON:WOS) and retailer Morrison Supermarkets (LON:MRW) added just over 1%. Private equity group 3i (LON:III) rose 1%. No other FTSE 100 constituents added 1% or more.
Base metal miners Xstrata (LON:XTA) and Kazakhmys (LON:KAZ) were at the bottom of the pile with losses of 2.6%. Oil and gas supermajor BP (LON:BP) declined 2.4%. Engineering firm Invensys (LON:ISYS) and satellite telecommunications company Inmarsat (LON:ISAT) dropped 2%. Miner Antofagasta (LON:ANTO), insurer Prudential (LON:PRU), oil and gas producer Cairn Energy (LON:CNE) and business services company Serco Group (LON:SRP) lost more than 1.5%.
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US stocks were in decline. The Dow Jones Industrial Average retreated 0.7%, the broader S&P 500 index lost 0.8% and the technology heavy NASDAQ composite dropped 1.1%.
In Asia, Hong Kong’s Hang Seng and Australia’s S&P/ASX 200 declined 0.4%, South Korea’s KOSPI was down 0.3%, while Japan’s Nikkei 225 index advanced 1.4%.
Oil prices were slightly higher. November Brent Crude rose to US$83.20/barrel, while US light, sweet crude for November delivery reached US$81.60/barrel.
Precious metals were on the rise again. Gold climbed to US$1,317/oz, while silver and platinum moved up to US$21.98/oz and US$1,673/oz respectively.
Base metals didn’t move by much. Copper and zinc held steady at US$3.66/lb and US$0.992/lb, while nickel rose to US$10.76/lb.
An update for UK services PMI for September is due out today.
